USD/CAD flirting with lows near 1.2650 ahead of CPI

The pair is trading within a tight range around 1.2660 today.
Upside appears limited so far at 1.2685, session tops.
US Canadian inflation figures, Retail Sales next of relevance.

Pablo Piovano FXStreet

The Canadian Dollar alternates gains with losses vs. its American neighbour on Friday, prompting USD/CAD to trade within a narrow 30-pip range so far.

USD/CAD now looks to CA docket

The pair is looking to add to the recent gains after two consecutive daily advances. The up move, however, met sellers just below the 1.2700 milestone – or session peaks – during early trade.

CAD remains vulnerable following the dovish hold from the Bank of Canada at its meeting on Wednesday, where delivered an unexpected cautious message and left the door open for further data-dependent stance.

On the USD-side, the upbeat momentum in the buck has been reinforced by a moderate rebound in yields of the key US 10-year reference to multi-week tops beyond the 2.93% handle.

Later in the NA session, CAD will be in centre stage in light of Canadian inflation figures for the month of March and Retail Sales in February.

USD/CAD significant levels

As of writing the index is losing 0.06% at 1.2663 facing initial support at 1.2622 (200-day sma) followed by 1.2616 (10-day sma) and then 1.2525 (low Apr.17). On the upside, a breakout of 1.2685 (high Apr.20) would aim for 1.2710 (high Apr.10) and finally 1.2722 (38.2% Fibo of the 2017 drop).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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