USD/CAD technical analysis: The pair is pushing higher but where is the next resistance?
|- USD/CAD is pushing higher as commodities currencies struggle.
- The pair is 0.25% higher on the session now trading at 1.3263.
USD/CAD Daily Chart
USD/CAD has pushed higher today as commodities currencies struggle.
WTI is also trading lower today due to the fact that Trump didn't comment on the trade deal with China as the market anticipated.
Also today the market will get the latest API inventory level one day late as it was veterans day in the US on Monday.
The USD is not performing all that well against its other major counterparts as USD/JPY and USD/CHF both have fallen.
Today we also get the latest CPI data. This will be important as the Fed have stated one of the only cases for a rate change would be an extreme reading in inflation.
If inflation is high the Fed would need to cut rates to control it and at the moment the target for the Fed is around 2% (for inflation).
Looking at the daily chart now, the obvious target is the trendline resistance. Above that, there is also a resistance point at 1.3290.
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Additional Levels
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