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- USD/CAD steady around 1.2450 on overall US dollar weakness
USD/CAD steady around 1.2450 on overall US dollar weakness
- The USD/CAD slides for the second day in a row clings to 1.2450.
- Western Texas Intermediate (WTI) crude oil rises again above $80.00, lifts the CAD.
- USD/CAD: Moving averages and the Relative Strenght Index (RSI) suggest that the pair is a downtrend.
The USD/CAD begins the Asian session on the wrong foot slides 0.01%, is trading at 1.2441 during the day at the time of writing.
The market sentiment is a mixed bag, as witnessed by Asian equity futures, seesawing around gainers and losers. On Wednesday, a higher US inflation reading spurred a rally in the US bond market, which triggered a fall in US T-bond yields, ultimately underpinned the greenback, with the US Dollar Index falling 0.50%, finished at 94.00.
Higher crude oil prices boost the Canadian dollar. Western Texas Intermediate (WTI) advances 0.05%, is trading at $80.0, weighs on the USD/CAD pair.
On Wednesday, the US Bureau of Labor Statistics (BLS) released inflation numbers. The Consumer Price Index for September rose by 5.4%, more than 5.3% estimated by analysts. Furthermore, the Core Consumer Price Index, which excludes food and energy costs, increased by 4%, according to estimations.
USD/CAD Price Forecast: Technical outlook
Daily chart
The USD/CAD pair is trading just below the daily moving averages, suggesting that the pair is in a downtrend. Momentum indicators like the Relative Strenght Index (RSI) at 34 indicate the pair has a downward bias.
For sellers to resume the downward trend, they will need a daily close below 1.2421. In that outcome, the first support would be 1.2302. A breach of the latter could tumble the USD/CAD towards 1.2006, but it will find some hurdles on the way south, like the May 27 high at 1.2140
On the flip side, a daily close above the confluence of the 200-DMA and the psychological around the 1.2500-05 area could open the door for further gains for buyers. In that outcome, the following resistance would be the 50-DMA at 1.2619.
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