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USD/CAD Prices Stall After CPI Release

USD/CAD Prices Stall After CPI Release

Walker England, Forex Trading Instructor

Talking Points

  • USD/CAD Fails to Find Momentum on Better Than Expected CPI Data
  • USD/CAD Continues to Consolidate, Trading in a 79 PIP Range
  • Sentiment Remains Neutral, with SSI Reading +1.01

The USD/CAD continues to consolidate, with the Canadian Dollar little changed against most major currencies. This lack of direction continues, despite CAD CPI Core (YoY) (APR) data being released better than initial expectations set at 2.0%. The Actual figure was released at 2.2%, however at this point prices have failed to act significantly to this high importance data point. Later today, at 14:00 GMT, US Existing Home Sales (MoM) (APR) is set to be released. Forecasts are set at 1.3%. If this expectation is significantly beat or missed, it may specifically drive US Dollar pairs. Provide there is new market volatility from the news; this data may also shake the USD/CAD from its trading range.

USD/CAD 30 Minute

(Created using Marketscope 2.0 Charts)

What do analysts expect from the US Dollar for the rest of 2016? Find out more with our Free Dollar forecast!

Price action is now trading back at today’s central pivot, which is displayed in the graph above at a price of 1.30922. This point marks the center of todays’ 79 pip trading range. In the event that volatility picks up going into this weeks close, traders should continue to monitor support and resistance. Range support (S3) is found at 1.30527 and resistance (R3) at 1.31317. A move through either of those values would suggests a shift in market conditions, with price moving outside of the defined pivot range.

See real time shifts in market sentiment. Find out more at the DailyFX’s sentiment page.

SSI (speculative sentiment index) for the USD/CAD reads neutral at 1.01. With the ratio of long vs short positioning nearly equal, it suggests that there may be potentially more consolidation in store for the pair. In the event that prices breakout from today’s pivot range, traders may look for shifts in sentiment to validate the move.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.