FXOpen
The US Dollar (USD) extended downside movement against the Canadian Dollar (CAD) on Wednesday, dragging the price of USDCAD to less than 1.3100 following the release of some important economic news. The technical bias remains bullish because of a higher high in the recent upside rally.
Technical Analysis
As of this writing, the pair is being traded near 1.3087. A support may be noted around 1.3054, the intraday low of yesterday ahead of 1.3000, the confluence of psychological number as well as horizontal support area and then 1.2823 which is another major horizontal support level.
On the upside, the pair is expected to face a hurdle near 1.3139, the intraday high of yesterday ahead of 1.3252, the horizontal resistance area and then 1.3313, the swing high of the last major upside rally. The technical bias will remain bullish as long as the 1.3000 support area is intact.
US Inflation
The U.S. Commerce Department said the consumer price index rose 0.3% in September, in line with expectations and after a 0.2% increase the previous month. Year-on-year, consumer prices increased 1.5% last month, also in line with forecasts and after having risen 1.1% in August. That was its highest reading since October 2014. Core CPI, which excludes food and energy costs, increased by 0.1% last month, below forecasts for a 0.2% rise. The weak report further dampened optimism over the strength of the U.S. economy, after U.S. industrial production data missed expectations on Monday.
Trade Idea
Considering the overall technical and fundamental outlook, selling the pair on short term rallies still appears to be a good strategy in short to medium term.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips (additional fees may apply). Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
EUR/USD Chart Analysis: Pair Recovers Ahead of Fed News
On 10 March, analysing the EUR/USD chart, we:
→ considered the long-term descending channel, which remains relevant;
→ noted that the sequence of lower lows A–H was broken with the appearance of a higher peak I, with 1.1680 potentially
Nvidia (NVDA) Shares Set a March High
Nvidia shares experienced heightened volatility yesterday, with the price jumping to a March high during the Nvidia GTC 2026 conference, where Jensen Huang made several major announcements. According to media reports:
→ Nvidia unveiled a next-generation platform named after the astronomer
XTI/USD Chart Analysis: WTI Oil Price Fluctuates Near $100
For the third Monday in a row, trading in the oil market has opened with a bullish gap, although this time it is not as wide as the gap seen, for example, on 9 March. The reason for the volatility