USD/CAD holds below the 1.3700 mark, US Retail Sales, PPI data looms

USD/CAD gains ground around 1.3688 on the softer USD.
October's US Consumer Price Index (CPI) grew 3.2% YoY vs. 3.7% prior.
The rebound in oil prices might lift the Canadian Dollar (CAD).
All eyes are on the US Retail Sales and Producer Price Index (PPI) on Wednesday.

Lallalit Srijandorn FXStreet

The USD/CAD pair attracts some sellers during the Asian session on Wednesday. The weaker US dollar, backed by a significant drop in US Treasury bond yields, weighs on the USD/CAD pair. At press time, the pair is trading near 1.3688, losing 0.03% for the day.

October’s US inflation surprised to the downside, with the Consumer Price Index (CPI) growing 3.2% YoY compared to the previous reading of 3.7%, worse than the market consensus of 3.3%. Meanwhile, the monthly and annual Core CPI, which excludes volatile food and energy prices, rose by 0.2% and 4.0%, respectively. As underlying price pressures continue to moderate, the markets anticipate that the Federal Reserve (Fed) will not raise interest rates further in its December meeting.

On the Loonie front, the rebound in oil prices might lift the commodity-linked Loonie, as the country is the leading oil exporter to the US. In the absence of economic data released from the Canadian docket on Wednesday, the USD/CAD pair remains at the mercy of USD price dynamics.

Looking ahead, market players will monitor the US Retail Sales and Producer Price Index (PPI) on Wednesday. The monthly Retail Sales for October is estimated to drop by 0.3% from the 0.7% rise in September. The annual PPI figure is expected to rise 1.9% in October, while the PPI ex Food & Energy is forecast to climb 2.7% YoY. These figures could give a clear direction to the USD/CAD pair.

USD/CAD

Overview
Today last price	1.3687
Today Daily Change	-0.0005
Today Daily Change %	-0.04
Today daily open	1.3692

Trends
Daily SMA20	1.377
Daily SMA50	1.3657
Daily SMA100	1.351
Daily SMA200	1.3505

Levels
Previous Daily High	1.3844
Previous Daily Low	1.3684
Previous Weekly High	1.3855
Previous Weekly Low	1.3629
Previous Monthly High	1.3892
Previous Monthly Low	1.3562
Daily Fibonacci 38.2%	1.3745
Daily Fibonacci 61.8%	1.3783
Daily Pivot Point S1	1.3637
Daily Pivot Point S2	1.3581
Daily Pivot Point S3	1.3478
Daily Pivot Point R1	1.3796
Daily Pivot Point R2	1.3899
Daily Pivot Point R3	1.3955

Author

Lallalit Srijandorn

FXStreet

Lallalit Srijandorn is a Parisian at heart. She has lived in France since 2019 and now becomes a digital entrepreneur based in Paris and Bangkok.

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