USDCAD Price Analysis: Bulls moving in and eye a 382% Fibo – by fx_ross USDCAD Technical Analysis
The bears eye the bullish trendline for the weeks ahead. staged a correction in the middle of the week as the following charts illustrate. The greenback is under pressure still and the data on the domestic chart remained steady as expected at 6.9%, but core common came in at 6.2% YoY vs. 5.9% expected and a revised 6.2% in September. This initially supported the CAD but overall price pressures appeared to have peaked. The Bank of Canada next meets on December 7 and a 25 bp hike to 4.
A break of the support opens up the way to dynamic trendline support, although the bulls are firming and the 38.2%Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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