The relatively hawkish stance of the Bank of Canada (BoC) has limited the depreciation of the Canadian dollar against the US dollar. The sideways-moving USDCAD could continue its uptrend strongly with the US Core CPI data to be announced on Friday.
Technically, the price, having broken the main downtrend, is seeing a downward reaction from the 61.8% Fibonacci resistance. We have been observing a sideways movement in the price, which is correcting between the 61.8% and 38.2% Fibonacci levels for a long time. With the upcoming US Core CPI on Friday, we could witness a break above the 61.8% level and a rapid rise to the next Fibonacci resistance at the 76.4% level.
Technically, the price, having broken the main downtrend, is seeing a downward reaction from the 61.8% Fibonacci resistance. We have been observing a sideways movement in the price, which is correcting between the 61.8% and 38.2% Fibonacci levels for a long time. With the upcoming US Core CPI on Friday, we could witness a break above the 61.8% level and a rapid rise to the next Fibonacci resistance at the 76.4% level.
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