Price action shows that USD declined against CAD during over the week.
Monday, the price matched a peak at 1.1247 , resistance zone and sellers took control of market
with higher participation , making the dollar even more lower.
The currency pair found a temporary support at 1.1020 (Asiatic Session).
Shall we expect more doviness on Friday?
All depends of Reuters/Michigan Consumer Sentiment Index which the forecast is 80.50 from 81.60.
If USD shows strenghen, the currency will likely regain the upside.
Technically, the chart indicates to us a strong bearish pattern.
The main support level for now is 1.1020.
Big movements will happen on American Session.
Right Now, there is not significant movement for USDCAD.
RSI(24) is showing Bullish divergence.
If the price breaks the pivot, so expect the upsides.
However, the the price continues orbiting below of
pivot, it is likely to expect more downsides.
Technical Outlook:
Stoch: Oversold
Dirvergence: Bullish
Breakout: Possibly Bullish
Resistance 1: 1.1022
Resistance 2: 1.1004
Pivot: 1.1050
Support 1 : 1.1094
Support 2 : 1.1110
Main highlights for today:
Import Price Index (MoM and YoY)
Core Personal Consumption Expenditure – Price Index (MoM and YoY)
Consumer Price Index (YoY and MoM)
Harmonised Index of Consumer Prices (YoY and MoM)
US Reuters/Michigan Consumer Sentiment Index
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