USD/CAD Latest News

USD/CAD Looking ahead to today, we have the Manufacturing sales data from Canada and the CPI data from the US to be released at the same time. Both of these will give a large insight into the strength of the respective economies, and in the case of the US, it will also give a glimpse into whether the Fed would be a position to hike rates during December which is what the markets expect. So, expect a lot of volatility during that time and if 1.3060 does not hold, then we can expect some support at the round figure of 1.3000 and below that, we will be back to the low of the larger range at 1.2800. On the upside, we have the resistances coming in at 1.3180 and then at 1.3260 which have been holding the upmove for the past week or so. We continue to believe in the overall longer term uptrend in this pair and we expect a bounce from this price range and are cautiously bullish at this stage. But, do have you stop losses ready and placed beyond the support regions. Only a clean break of 1.2800 will invalidate this uptrend and bring into picture, the next phase of the bearish run. On the other hand, a clean break of 1.3300 will signal the next phase of a bull run.

 

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