USD/CAD intraday bias upside, trade balance data eye for the day
Uptrend resumed by taking out 1.4000 and reaches as high as 1.4038 so far. Break of 1.4039 levels may take the pair towards 1.4163 levels. Oil prices were also down on Tuesday, adding extra pressure on the resource-linke…
Uptrend resumed by taking out 1.4000 and reaches as high as 1.4038 so far.
Break of 1.4039 levels may take the pair towards 1.4163 levels.
Oil prices were also down on Tuesday, adding extra pressure on the resource-linked loonie.
In terms of upcoming Canadian releases, traders are monitoring today's trade data, Thursday's speech from Bank of Canada Governor Stephen Poloz, and Friday's employment report.
BOC governor Poloz's speech will be key event this week as it comes two weeks before the next scheduled interest rate announcement and the Monetary Policy Report. Analysts are projecting the central bank will keep the rate at 0.5%.
To the downside immediate support can be seen at 1.3970 levels, a break below will open gates towards 1.3921 levels.
The pair needs to clear the key technical resistance of $1.4091 and if this happens, the trend will shift to bullish.
