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USD/CAD Increases Ahead Of Canadian CPI

USD/CAD Increases Ahead Of Canadian CPI

The USD/CAD increased ahead of Canadian CPI / retail sales data

The USD/CAD is hitting higher for the third consecutive day awaiting Canadian CPI and retail sales reports Friday. The USD/CAD extended gains to touch the 1.3155 high on a stronger US dollar after Fed hawkish comments and rising expectations of an interest rate hike in June.

Breaking the minor resistance point 1.3108 will expand its bullish move toward the 32.8% Fibonacci retracement 1.3130, and cutting this point will open the door for an uptrend and thus continue increasing to touch topside target 1.3165 and 1.3217.

However, Canadian CPI data is expected to improve, and powerful reports will push the Bank of Canada (BOC) to normalize policy in the coming period. A break below 1.3050 might pave the way toward near-term support levels 1.3015 and 1.2980.

USD/CAD Chart

Disclaimer: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.

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