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USD/CAD is currently residing inside the resistance area between 1.2950 to 1.3050 area after recovering the previous bearish gap. CAD is struggling amid downbeat economic reports that encouraged USD strength.
Today US PPI report was published as expected at 0.2% increasing from the previous value of 0.1% and Core PPI also met expectation increasing to 0.2% from the previous negative value of -0.1%. As US President Donald Trump is against rapid rate hikes by the Federal Reserve, such remarks are certainly bearish for USD. Ahead of the CPI report to be published tomorrow, which is expected to be unchanged at 0.2%, USD may gain further over CAD if the reading meets expectation or performs better.
On the other hand, CAD Building Permits report was published with an increase to 0.4% from the previous negative value of -1.5% but it did not meet the expectation of 0.5%. Moreover, the Housing Starts report published recently showed a decrease to 189k from the previous figure of 199k which was expected to increase to 203k.
Meanwhile, USD is expected to dominate CAD in the coming days as CAD has been weighed down by fresh economic data. On the other hand, a positive CPI report is expected to inject further bullish momentum in the pair, triggering further upward pressure in the pair in the coming days until Canada presents solid economic data to counter strongly in the process.
Now let us look at the technical view. After certain bullish rejections from the resistance area between 1.2950-1.3050, the price is surprisingly extending its climb with an impulsive momentum which is expected to lead to further bullish pressure in the pair. Despite the current bullish momentum, further bullish pressure will only be confirmed after the price clears above 1.3050 with a daily close. As the price breaks above 1.3050, the bullish bias is expected to push the price higher with target towards 1.3300-50 area in the coming days.
SUPPORT: 1.2750, 1.2950
RESISTANCE: 1.3300-50
BIAS: BEARISH
MOMENTUM: VOLATILE
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