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Forex: USD/CAD falls to 1.0205/06 after US CPI

FXstreet.com (Barcelona) - The USD/CAD has fallen off session highs of 1.0259 during European trading, edging gradually lower without any sweeping plunges. Following the publication of a tranche of CPI data in the United States, the cross is now settling at 1.0205/06, down -0.45%.

Mataf.net analysts calculate the USD/CAD will be grounded by further means of support at 1.0160 and 1.0083. Alternatively, recovering lost ground and breaching the 1.0286 handle will lead to the testing of resistances at 1.0335 and 1.0412.

In the United States, Consumer Price Index (YoY and MoM) came in at +1.5% in March (against expectations of +1.7%) and -0.2% in March (vs. projections of +0.1%). Finally, Consumer Price Index ex Food & Energy (YoY) yielded a growth of +1.9% in March, compared to estimates of +2.0%.

According to the ICN.com analyst team, “The USD/CAD managed to stabilize above 23.6% correction of CD Leg of the bearish harmonic Bat Pattern weakening it without ending its affect. Therefore, further bullishness is likely today and the pair might get close to 1.0310 levels as failing to breach it might bring back the downside move.

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