CPI rose 1.2% year-over-year
USD/CAD fell more than 70 pips to 1.2572 in the aftermath of the July CPI number. The data wasn't particularly strong so the drop underscores the bias to sell the pair and to sell the US dollar more broadly.
The fall below yesterday's low highlights support in the 1.2540-50 range.
There are also USD580m in option expiries at 1.2580. Those run off at the top of the hour.
