USD/CAD DAILY
At the moment exchange rate is testing the rising trendline as resistance. This level also serves as the 38.2% Fib retracement from the March highs.
Later today Canada’s CPI figures are coming out with expected rise of 1.4%.
A stronger than expected reading could dampen bets of seeing the Bank of Canada (BoC) further embark on its easing cycle and send the rate towards the recent lows around 1.0860.
However a softer reading could heighten the bearish sentiment surrounding the Canadian dollar and signal that the exchange rate is ready to continue it’s uptrend.
Martin Janson