ANALYSIS - USD/CAD
Technical:
Market has created a perfect head and shoulder with a neckline around 1.36558 serving as a support level to the current uptrend. A break out of 1.36558 is expected in the coming days. If it happens, market is expected to fall to 1.31544.
Fundamental:
Some Headlines to consider while making trade decisions.
--Canada's inflation cools in October with a sharp fall in gas prices
In October, Canada's inflation rate experienced a lower-than-anticipated decline to 3.1% on a year-over-year basis. This decrease was primarily influenced by a noteworthy 7.8% reduction in gasoline costs. Statistics Canada released these findings today, along with a monthly Consumer Price Index (CPI) increase that aligned with expectations, registering at 0.1%.
--Wall Street optimism leads to a weaker dollar and higher major currencies
Market has created a perfect head and shoulder with a neckline around 1.36558 serving as a support level to the current uptrend. A break out of 1.36558 is expected in the coming days. If it happens, market is expected to fall to 1.31544.
Fundamental:
Some Headlines to consider while making trade decisions.
--Canada's inflation cools in October with a sharp fall in gas prices
In October, Canada's inflation rate experienced a lower-than-anticipated decline to 3.1% on a year-over-year basis. This decrease was primarily influenced by a noteworthy 7.8% reduction in gasoline costs. Statistics Canada released these findings today, along with a monthly Consumer Price Index (CPI) increase that aligned with expectations, registering at 0.1%.
--Wall Street optimism leads to a weaker dollar and higher major currencies
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