USDCAD (4 Hour Chart)
Loonie stays under modest bearish pressure during the European session on Wednesday with the greenback struggling to find demand ahead of key events. As of writing, the pair was down 0.16% in day market at 1.2445 while the higher than expected U.S. consumer prices, with Sept’s CPI accelerating to a 0.4% monthly rate and 5.4% year on year in Sept. At the same time, the oil price unfazed in the day market, courtesy of the OPEC+ which lowered its estimates for the rest of 2021.
From a technical perspective, RSI indicator still clinging at over sough territory at 38 in nearly thress day as market faltering, remain suggesting bearish momentum in short term. On moving average indicator, 15- and 60-long indicator still retaining downside movement.
Since loonie rapidly break through a critical support at 1.25, we expect next downward support will be last July low at 1.2425. On up side, psychological level at 1.25 will turn into a pivotal resistance for short-term, 1.256 behind.
Resistance: 1.25, 1.256
Support: 1.2425, 1.23
Economic Data
|
Currency |
Data |
Time (GMT + 8) |
Forecast |
||||
|
AUD |
Employment Change (Sep) |
08:30 |
-137.5 K |
||||
|
USD |
Initial Jobless Claims |
20:30 |
319 K |
||||
|
USD |
PPI (MoM)(Sep) |
20:30 |
0.6% |
||||
|
Oil |
Crude Oil Inventories |
23:00 |
0.702 M |
||||
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