USD/CAD flirts with 1.3300 ahead of Trump, Canadian data

Dhwani Mehta FXStreet

A phase of bearish consolidation in the US dollar against its major rivals, keeps USD/CAD under pressure near 1.33 handle in the late-Asian trades.

USD/CAD supported at 1.2285

Currently, the USD/CAD pair trades -0.15% lower at 1.3298, extending recovery from daily lows of 1.2285. The spot closely tracks the USD price-action and now attempts recovery above 1.33 handle amid stabilizing oil prices and USD index.

Looking ahead, we have a busy economic calendar for the major to wrap up an eventful week, with the Canadian CPI and retail sales data to kick-off the NA session, followed by FOMC member Harker’s speech and Trump’s inauguration speech. These events are expected to stir huge volatility and could determine fresh direction for the spot.

USD/CAD Technical Levels

To the upside, the next resistances are seen near 1.3322/27 (100 & 50-DMA) and 1.3366 (daily R1) and from there to 1.3400 (zero figure). To the downside, immediate support might be located at 1.3268 (20-DMA) and below that at 1.3221 (5-DMA) and at 1.3204 (daily S2).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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