USD/CAD consolidating in a triangle pattern and on EMA. The current trading range for the pair is 1.3170 – 1.3150.
Volatility is still low, as traders await US CPI and CAD manufacturing sales due in a couple of hours.
Fundamentals:
CAD: Manufacturing Sales
Previous: 0.8%
Forecast: 0.6%
USD: CPI figure
Previous: 0.0%
Forecast: 0.1%
The gain in CPI is likely to strengthen USD, causing sell in USDCAD.
Technical Levels:
S: 1.3068 1.3108 1.3133
Pivot: 1.3173
R: 1.3213 1.3238 1.3278
Analysis:
– Breakage of resistance @ 1.3170 is likely to lead market towards 1.3200.
– Breakage below 1.3150 is likely to lead market to 1.3130
Recommendation: Good to Buy Above 1.3170 SL: 1.3150 TP: 1.3180/ 1.3190/1.3200