The USD/CAD is riding on the high side ahead of the European session, trading near 1.2670. Meanwhile, eyes will be on the macro figures on Friday as the Canadian government will report on retail sales and consumer inflation at 12:30 GMT. What should you expect? This and more are discussed in this 20 April USDCAD Fundamental Outlook.
20 April, GKFX – The Dollar took a ride higher against the broader market Thursday, and the Loonie gave up ground against the Greenback. The USD/CAD pair initially hit a low of 1.2585, the CAD spurred on by climbs in the oil market, but the gains were shortlived and the US Dollar came back to push the pair to 1.2675 as oil receded and the Dollar gained against the fx bloc.
Eyes on the macro figures
Friday sees a double-header for the Loonie, with CAD Retail Sales at 12:30 GMT, forecast at 0.3 percent (prev. 0.3), with year-on-year Core CPI for March expected at 1.5 percent (prev. 1.5).
The headline figures will be watched closely by CAD traders, as the Bank of Canada (BoC) struck a notably dovish tone following their latest Rate Decision that saw the central bank hold steady on rates, and a miss for CPI and sales figures could push out expectations of a rate increase.
20 April USDCAD Fundamental Outlook
The recent turnaround for the USD against the Loonie has sent the pair back above the 200-day SMA at 1.2620, with the 50-day EMA providing resistance from 1.2730, and the current bullish play will need to contend with the 50.0 Fibo level at 1.2825, while a bearish turn will be faced with the last low at 1.2530.
This article 20 April USDCAD Fundamental Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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