USD/CAD turns neutral post-Canadian CPI, FOMC next
• Canadian CPI fell 0.4% m/m in Nov; yearly rate eases more than expected.
• Negative prints offset by the prevalent USD selling bias/modest oil rebound.
• Focus remains on the highly anticipated FOMC monetary policy update.
The USD/CAD pair managed to recover a major part of its early downtick and is currently placed in neutral territory, around mid-1.3400s post-Canadian inflation figures.
According to the data released this Wednesday, Canadian headline CPI fell 0.4% m/m in November and the yearly rate eased more than expected to 1.7% as compared to 2.4% y/y rate in the previous month. The data exerted some downward pressure on the Canadian Dollar, though the prevalent bearish tone surrounding the US Dollar partly offset the downbeat readings.
This coupled with a mildly positive tone around crude oil prices further underpinned the commodity-linked - Loonie and kept a lid on any meaningful up-move. Moreover, traders also seemed reluctant to place any aggressive bets ahead of today's key event risk - the highly anticipated FOMC monetary policy decision, due to be announced later during the US trading session.
Technical levels to watch
Today Last Price: 1.3452
Today Daily change: -27 pips
Today Daily change %: -0.200%
Today Daily Open: 1.3479
Previous Daily SMA20: 1.3318
Previous Daily SMA50: 1.3198
Previous Daily SMA100: 1.3106
Previous Daily SMA200: 1.3033
Previous Daily High: 1.3498
Previous Daily Low: 1.3391
Previous Weekly High: 1.3424
Previous Weekly Low: 1.3292
Previous Monthly High: 1.336
Previous Monthly Low: 1.3048
Previous Daily Fibonacci 38.2%: 1.3457
Previous Daily Fibonacci 61.8%: 1.3432
Previous Daily Pivot Point S1: 1.3414
Previous Daily Pivot Point S2: 1.3349
Previous Daily Pivot Point S3: 1.3307
Previous Daily Pivot Point R1: 1.3521
Previous Daily Pivot Point R2: 1.3562
Previous Daily Pivot Point R3: 1.3627