- USD / CAD Outlook indicates the power of dollars ahead of the American consumer inflation report.
- The market participants are eagerly awaiting the US CPI report.
- Data on Wednesday, they found that American wholesale inflation relieves 0.1%.
USD / CAD Outlook indicates the power of dollars ahead of the American consumer inflation report. The dollar brought a part of the shine in the middle of geopolitical tensions this week. However, the expectations of fed rates were fed up after a poor wholesale inflation report.
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The dollar was on the front foot on Thursday because the market participants were expected to report the US CPI report. Moreover, it was held on the winnings made on the previous session after the tension report in Ukraine and the Middle East. The traders sought security in Greenback after the report of Russian drones who were down in Poland.
Meanwhile, the upcoming CPI report will shape Outlook to reduce the rates of the feedback rates. Economists predict accelerate pressure on prices. However, traders are quite confident in reducing the course this month. The only thing that could change is the size and tempo future reduction rate.
Data on Wednesday, they found that American wholesale inflation relieves 0.1%. This was a softer figure than expected and hardened bets to reduce the rates of feed values.
On the other hand, the Canadian dollar pressure is pressure on the decline in oil requirements. The raw supplies unexpectedly increased last week, pointing to the weak demand.
Today is key events USD / CAD
- US CPPI m / m core
- US CPI M / M
- US CPI I / I
- Unemployment Notices USA
USD / CAD Technical Outlook: high high after 1,3850 resistance
On the technical page, USD / CAD price gathers and trades well above 30ths. At the same time, the RSI trades near the region with excessive descendants, which indicates a solid molbar momentum. The price made a sharp momentum of 30ths, which violated above the level of resilience at 1,3850.
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It was previously USD / CAD struggled to pass by 1,3850 resistance. As a result, the bears showed up to test the rally by breaking 30s. However, the bulls kept the price mainly above the SMA and gained enough momentum to break resistance.
Consequently, the price made a higher high, continuing the bull trend. The following resistance lies at the level 1,3920. Here the gathering could pause to allow the bulls to catch the breath before it continues more. Moreover, the pause would allow you to make up.
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