USD/CAD inter-markets: seems to hold near-term range ahead of next week's key releases

Haresh Menghani FXStreet

The USD/CAD pair remained confined within a broader trading range above the 1.3000 psychological mark though the course of current trading week.

Despite of the recent selling pressure around the greenback, led by the ongoing slide in the US 10-year Treasury bond yields, the pair remained well supported near 1.30 handle in wake of equivalent retracement in the Canadian bond yields for same maturity.

Moreover, a range-bound price-action in oil markets, with WTI crude oil oscillating around $53.00 mark, has failed to provide any impetus for the commodity-linked currency - Loonie.

In absence of any fresh fundamental trigger, in-term of market moving economic releases, the pair seems more likely to continue with its struggle for a firm direction.

Investors would now look forward to the next week's key event risk - the release of minutes of the latest FOMC meeting on Wednesday, and Canadian macro data - monthly retail sales on Wednesday and CPI print on Friday, in order to determine the pair's next leg of directional move.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.3228

89% Bullish
0% Bearish
11% Sideways

Bias Bullish

1 Month

Avg Forecast 1.3248

67% Bullish
0% Bearish
33% Sideways

Bias Bullish

1 Quarter

Avg Forecast 1.3446

83% Bullish
17% Bearish
0% Sideways

Bias Bullish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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