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The USDCAD has broken the downward trend ahead of key US inflation data. What could happen next?
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USDCAD
The price of USDCAD has broken through the downward trend ahead of key data tomorrow. Tomorrow afternoon we see high impact data through Canadian employment and US CPI. Investors will be more geared towards the US CPI as they wait to see if the Federal Reserve Interest Rates rises have had an impact on the inflation numbers. If the data shows an increase in inflation we could see the stock market fall and haven currencies like the USD and JPY could find strength. If the data shows a decline in inflation we could see the USD weaken and stock markets could climb as the Fed will be less aggressive towards rates.
The weekly profiles with the 4hr chart shows the price breaking through the low volume level and previous high. This was also the point where the price changed trend in the short term. The value is high around 1.2700 is the next point of interest which could see the price find resistance or break through higher. The high impact news could add volatility into the market which could see the price react in different ways. One level to watch is the low volume area on the weekly profile, if the price falls into this level on the announcement we could see a reversal here. Alternatively, we can watch the daily profiles and look for the price to test the day’s point of control for an opportunity.
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