It’s been a busy week for inflation figures as we’ve seen data out of the US, UK and the Eurozone. For the most part, they have been in line with expectations. However, Canada is interestingly poised.

There is a fair bit of fear from the BOC regarding inflation. Or more correctly the lack of it. They can’t raise rates until inflation lifts. That’s why this number might have some impact on markets.

I’ve been bullish on the USD/CAD from a technical perspective and we recently closed a winning long forex signal. I’m still bullish in the short term and will be looking for some of the key levels to bounce off.

Key Support and Resistance Levels

USD/CAD – 240min Chart.