Canada’s Inflation Data & USDCAD Technical Outlook
CAD crosses_USDCAD
USD Declines Further
The US Dollar Index failed to break above 101.70 resistance area this week, moving per our plan mentioned in our previous reports earlier this week.
The Index slides back all the way to 100.80’s earlier this morning, which confirms the head and shoulder pattern on the daily chart.
In the meantime, we will be watching the index over the coming days for further declines well below 100.0 barrier, which should grant another leg lower toward somewhere around 99.30’s.
On the upside view, any upside rally is likely to be limited below that resistance, where sellers are likely to appear again.
US Session Ahead
During the US session, there are no economic releases from the US, However, we will be watching the Canadian data.
This time it’s the Canadian inflation, which set to have a notable impact on the Canadian Dollar pairs. But traders need to know how to read these figures and how to trade them.
Read more: https://www.orbex.com/blog/2017/02/canadas-inflation-data-ahead/