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USD/CAD ANLAYSIS & TALKING POINTS Crude oil to be closely monitored after large decline. US CPI central to Fed expectations. Long upper wick & bearish divergence couple to provide downside bias. Want to stay updated with the most relevant trading information? Sign up for our bi-weekly newsletter and keep abreast of the latest market moving events! Trade Smarter – Sign up for the DailyFX Newsletter Receive timely and compelling market commentary from the DailyFX team CANADIAN DOLLAR FUNDAMENTAL BACKDROP The Canadian dollar has been steadily weakening against the USD over the last few weeks following on from some hawkish messaging from Fed Chair Jerome Powell as well as a significant drop in global crude oil prices. With crude oil now finding some support, and the potential for OPEC+ to announce an extension of their voluntary production cuts through to next year, the loonie may well appreciate against the greenback short-term. That being said, the upcoming US CPI print will be crucial for Fed guidance and could prompt more hawkishness from Fed officials should inflation beat expectations. USD/CAD ECONOMIC CALENDAR (GMT +02:00) Source: DailyFX Economic Calendar TECHNICAL ANALYSIS USD / CAD DAILY CHART Chart prepared by Warren Venketas , IG […]
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