By Andria Pichidi ,
USDCAD led a quite sharp turn higher in the Canadian Dollar , which saw USDCAD tumble by about 45 pips in reaching S2 of the day at 1.3336, down from over 1.3380 following the much hotter Canada CPI report, which saw a 0.4% m/m rise overall, taking the y/y to 2.4% from 2.0%, and the core reading to 2.3% from 2.0%. The pairing had been steady on either side of 1.3375 since Tuesday's close.
The pair dove by a high magnitude on data announcement, confirming the Evening Start pattern formed in the daily chart, after rejecting 1.3400 area and the 20- and 50-day SMA. Hence the overall outlook is now turning into a negative one. Hence as USDCAD slid to a 4-session low , Support now comes at 1.3323, Friday's low. On the break of it Support is at 1.3238.
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
USDCAD led a quite sharp turn higher in the Canadian Dollar , which saw USDCAD tumble by about 45 pips in reaching S2 of the day at 1.3336, down from over 1.3380 following the much hotter Canada CPI report, which saw a 0.4% m/m rise overall, taking the y/y to 2.4% from 2.0%, and the core reading to 2.3% from 2.0%. The pairing had been steady on either side of 1.3375 since Tuesday's close.
The pair dove by a high magnitude on data announcement, confirming the Evening Start pattern formed in the daily chart, after rejecting 1.3400 area and the 20- and 50-day SMA. Hence the overall outlook is now turning into a negative one. Hence as USDCAD slid to a 4-session low , Support now comes at 1.3323, Friday's low. On the break of it Support is at 1.3238.
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.