USD/CAD posts modest gains above the 1.3600 mark ahead of US Retail Sales, Canadian CPI

USD/CAD holds positive ground around 1.3620 on Tuesday.
Philadelphia Fed President Patrick Harker maintained their dovish stance, by saying that the Fed should hold rates steady.
A correction of oil prices exerts pressure on the commodity-linked Loonie.
Traders will monitor the US Retail Sales, and Canadian inflation on Tuesday.

Lallalit Srijandorn FXStreet

The USD/CAD pair posts modest gains during the early Asian session on Tuesday. Market players await the Canadian inflation data due later in the day. The annual and monthly Canadian Consumer Price Index (CPI) for September is expected to rise 4.0% and 0.1%, respectively, The pair currently trades around 1.3620, gaining 0.07% on the day.

Many Federal Reserve (Fed) officials including Chicago Fed President Austan Goolsbee and Philadelphia Fed President Patrick Harker maintained their dovish stance. Harker stated on Monday that the central bank should not create new pressures in the economy by increasing the cost of borrowing. Harker added that in the absence of some turn in the data Fed should hold rates steady. The additional dovish comments from the Fed officials this week might weigh on the Greenback and cap the upside for the USD/CAD pair.

The Federal Reserve Bank of New York reported on Monday that the US NY Empire State Manufacturing Index for October dropped to 4.6 from the previous reading of 1.9 rise, above the expectation of a 7.0 decline. The data suggest a possible softening in manufacturing activity at the start of the fourth quarter.

On the CAD’s front, data released from Statistics Canada on Monday revealed that the nation’s Manufacturing Sales for August came in at 0.7% MoM from 1.6% in the previous reading, below the market expectation of 1.0%. Meanwhile, Wholesale Sales dropped 2.3% versus 0% prior, worse than the market consensus of 2.6%. Meanwhile, a decline in oil prices undermines the commodity-linked Loonie as the country is the leading oil exporter to the US.

On Friday, Bank of Canada (BoC) Governor Tiff Macklem said that the recent rise in long-term bond rates is not a substitute for monetary policy and the economy is not headed for an imminent recession. Macklem went on to say that the central bank would consider the tighter financial conditions due to rising long-term bond rates before its forthcoming policy meeting on October 25.

Market participants will keep an eye on the US Retail Sales data, which is expected to rise 0.2%. Additionally, the Canadian Consumer Price Index (CPI) for September will also be released. These figures could trigger the volatility in the market and give a clear direction to the USD/CAD pair.

USD/CAD

Overview
Today last price	1.362
Today Daily Change	0.0009
Today Daily Change %	0.07
Today daily open	1.3611

Trends
Daily SMA20	1.3582
Daily SMA50	1.3559
Daily SMA100	1.3417
Daily SMA200	1.3465

Levels
Previous Daily High	1.3664
Previous Daily Low	1.3606
Previous Weekly High	1.3701
Previous Weekly Low	1.3569
Previous Monthly High	1.3694
Previous Monthly Low	1.3379
Daily Fibonacci 38.2%	1.3629
Daily Fibonacci 61.8%	1.3642
Daily Pivot Point S1	1.359
Daily Pivot Point S2	1.3569
Daily Pivot Point S3	1.3532
Daily Pivot Point R1	1.3648
Daily Pivot Point R2	1.3685
Daily Pivot Point R3	1.3706

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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