- The USD / CAD price analysis shows the power in the Canadian dollar.
- Economists predict a decrease of 0.1% in canal inflation.
- The market participants are watching fiscal movements in the United States.
Price / CAD price analysis shows strength in Canadian dollar in front of crucial inflation data from Canada. Meanwhile, the dollar remained fragile after reducing credit rating for the American government. At the same time, market participants are on the edge before voting on Trump accounts for tax cuts.
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Loonie was strong on Tuesday, because all eyes are focused on the Canadian inflation report. The last reading revealed increased inflation of 0.3%. This time, economists predict a reduction of inflation of 0.1%. Soft-than expected number will increase the pressure on the bank of Canada at lower lending costs, injuring a loonic. On the other hand, the General View Report would further strengthen the Canadian dollar.
Meanwhile, market participants are looking at fiscal development in the United States. MPs will soon vote on the tax reduction account that could cause instability in the financial markets. Monday, Moody reduced the U.S. Government’s credit rating due to his growing debt. If Trump account passed, it will further increase the debt burden, injure investor trust in American property.
At the same time, market participants are waiting for several trading agreements with the United States. However, progress has been stopped from the trace of the court between the United States and China.
Today is key events USD / CAD
- Canada CPI M / M
- Canada Median CPI I / I
- Canada TrenMed CPI I / I
USD / CAD Technical price analysis: Bears of triangle equipment
On the technical page, USD / CAD price price below 30-SMA, with RSI below 50 years. This suggests the bear. However, in a larger extent, the price is caught in a triangular model between support from 1,3900 and resilience levels at 1,4000.
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Initially, the price made an impulsive move for Bullish, which paused at 1,4000 key psychological levels. He then entered the corrective move presented as a triangular pattern. Currently bears are in lead in a triangle. Therefore, they could try to deal with the sample.
However, the bears should be broken below the key support of 1,3900 to confirm the new direction. Otherwise, the bulls will return to reserve from 1,4000 keys. The break above this level would confirm the continuation of the previous incident.
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