USDCAD | Waiting for a pullback to 1.3365 before the bullrun!

15 янв.

Currently, the US dollar is gaining ground, benefiting from a weaker market sentiment. Oil prices are trading lower, exerting negative pressure on the Canadian dollar (CAD). Later today, we hope that Canada's business outlook and manufacturing sales can provide some support to the Canadian dollar. On this Monday, the Canadian dollar is showing a mixed performance against major currencies but has lost weight against the US dollar, given the reduced trading volume due to the US holiday. Personally, I am interested in the data on Canada's Consumer Price Index (CPI) on Tuesday, with expectations of a slight annual increase. Mainly, I anticipate a decline around 1.3365 with a possible reversal at M15 and a strengthening of the US dollar, leading to an increase up to 1.3540. Best regards and happy trading to all.