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23 Oct 2015
USD/CAD hovers around 100-DMA, CAD CPI eyed
FXStreet (Mumbai) - The USD/CAD pair faces double whammy and drops for the second straight session on Friday, on the back of a broadly lower US dollar and higher oil prices.
USD/CAD supported near daily pivot & 5-DMA
Currently, the USD/CAD pair trades -0.16% lower at 1.3070, hovering around 100-DMA. The Canadian dollar keeps the bid tone intact versus the greenback following oil price rebound seen yesterday backed by global risk-on rally.
The US oil, WTI, wiped out gains and trades muted at $ 45.10 while its European counterpart, Brent trades 0.40% higher at $ 48.27.
Moreover, the renewed sell-off in the US dollar across the board as the EUR/USD recovery gains momentum after the ECB-led slump. The USD index drops -0.16% to 96.27 levels.
Markets now await the crucial inflation data from Canada which may have major impact on commodity-currency later today. The Canadian CPI is expected to ease to 1.1% in September on a yearly basis while the core figures appear to rise to 2.2%.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3100 (round number) and above which it could extend gains to 1.3170 (50-DMA). To the downside, immediate support might be located at 1.3022 (20-DMA) levels and below that at 1.2966 (10-DMA).
USD/CAD supported near daily pivot & 5-DMA
Currently, the USD/CAD pair trades -0.16% lower at 1.3070, hovering around 100-DMA. The Canadian dollar keeps the bid tone intact versus the greenback following oil price rebound seen yesterday backed by global risk-on rally.
The US oil, WTI, wiped out gains and trades muted at $ 45.10 while its European counterpart, Brent trades 0.40% higher at $ 48.27.
Moreover, the renewed sell-off in the US dollar across the board as the EUR/USD recovery gains momentum after the ECB-led slump. The USD index drops -0.16% to 96.27 levels.
Markets now await the crucial inflation data from Canada which may have major impact on commodity-currency later today. The Canadian CPI is expected to ease to 1.1% in September on a yearly basis while the core figures appear to rise to 2.2%.
USD/CAD Technical Levels
To the upside, the next resistance is located at 1.3100 (round number) and above which it could extend gains to 1.3170 (50-DMA). To the downside, immediate support might be located at 1.3022 (20-DMA) levels and below that at 1.2966 (10-DMA).