Entering A Big Week For The USD/CAD
With the release of Canadian GDP, crude oil inventories, and BoC Governor Poloz speaking tomorrow, the Loonie will see considerable action.
The coming week, specifically the next 48 hours, is going to be pivotal for the USD/CAD. With the release of Canadian GDP, crude oil inventories, and BoC Governor Poloz speaking tomorrow, the Loonie will experience significant participation.
Thus far, trade of the USD/CAD has been relatively tame. After rejecting the 1.2900 handle last Friday, price has settled into a tight 46 pip range.
USD/CAD Technicals
WTI crude has helped the Loonie’s cause throughout the early U.S. session. A flat WTI market has limited the impact of positive U.S. Core Personal Consumption numbers. At press time, the USD/CAD is noncommittal and capable of leaning to the bull or bear.
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There are several levels worthy of note facing this market. Here are a few of the most important:
- Resistance(1): Psyche Level, 1.2900
- Support(1): Bollinger MP, 1.2770
- Support(2): 38% Retracement Current Wave, 1.2757
Overview: It will be interesting to watch the trade in the Loonie unfold this week. Ranges have been compressed over the last four sessions — a breakout is on the way, likely tomorrow. If price holds firm above Friday’s low, a move back to the value area surrounding 1.2900 is likely.
Although a secondary market mover, Canadian GDP may have a large bearing on tomorrow’s trade. Analysts project the number to come in positive at 0.3%, up from the previous release of -0.1%. If GDP is reported flat or negative, look for a directional move north from the USD/CAD.
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