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USD/CAD & GBP/CAD Clear Resistance Ahead of Canada CPI

USD/CAD & GBP/CAD Clear Resistance Ahead of Canada CPI

2014-04-16 16:55:00
David Song, Strategist
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Talking Points:

- USDOLLAR Remains Limited by 10,470 Ahead of Holiday Weekend

- USD/CAD Clears Near-Term Resistance Ahead of Canada CPI

- GBP/CAD Breaks Out of Bearish Momentum Following BoC

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

10442.18

10464.96

10437.35

-0.11

82.28%

The near-term outlook for the Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains tilted to the downside as it struggles to push back above the 10,470 pivot, and the bearish sentiment surrounding the greenback may gather pace over the near-term as Fed Chair Janet Yellen remains in no rush to normalize monetary policy.

USD-CAD--GBP-CAD-Clear-Resistance-Ahead-of-Canada-CPI_body_ScreenShot100.png, USD/CAD & GBP/CAD Clear Resistance Ahead of Canada CPI

Indeed, Chair Yellen retained a rather dovish tone for monetary policy and highlighted the ‘continuing commitment of the FOMC to maintain the appropriate degree of accommodation to support the recovery,’ and the reserve currency may continue to trade heavy going into the next interest rate decision on April 30 unless we see a material shift in the Fed’s policy outlook.

Meanwhile, the market reaction to the Bank of Canada (BoC) meeting and its quarterly monetary policy statement may be short-lived as Canada’s Consumer Price report is expected to show heightening price pressures in March, and a stronger-than-expected inflation print may ultimately spur a near-term pullback in the USD/CAD as it limits the central bank’s scope to further embark on its easing cycle.

Join DailyFX on Demandto Cover Current U.S. dollar Trade Setups

Read More:

AUD/USD, GBP/USD Still Ripe with Potential After UK Jobs, Chinese GDP

Australian Dollar Specs are Net Long for First Time in 2 Years

USDOLLAR Daily

USD-CAD--GBP-CAD-Clear-Resistance-Ahead-of-Canada-CPI_body_Picture_1.png, USD/CAD & GBP/CAD Clear Resistance Ahead of Canada CPI

Chart - Created Using FXCM Marketscope 2.0

  • Remains Limited by Former Support (10,470)
  • Interim Resistance: 10,602 (38.2 retracement) to 10,615 (78.6 expansion)
  • Interim Support: 10,406 (1.618 expansion)

Release

GMT

Expected

Actual

Housing Starts (MAR)

12:30

970K

946K

Housing Starts (MoM) (MAR)

12:30

7.0%

2.8%

Building Permits (MAR)

12:30

1010K

990K

Building Permits (MoM) (MAR)

12:30

-0.4%

-2.4%

Industrial Production (MAR)

13:15

0.5%

0.7%

Capacity Utilization (MAR)

13:15

78.7%

79.2%

Manufacturing Production (SIC) (MAR)

13:15

0.6%

0.5%

Fed's Dennis Lockhart Speaks on Financial Markets

15:30

Fed Chair Janet Yellen Speaks on U.S. Economy

16:25

Fed's Richard Fisher Speaks on U.S. Economy

17:25

Federal Reserve Publishes Beige Book Economic Report

18:00

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--- Written by David Song, Currency Analyst

To contact David, e-mail dsong@dailyfx.com. Follow me on Twitter at @DavidJSong.

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