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Fundamental analysis

Will USDCAD Continue Upward Trend?

OctaFx | Oct. 22, 2018
Will USDCAD Continue Upward Trend?

The pair fell and then recovered suddenly in the Asian session. It is now trading at 1.1.3095, which is closer to Friday’s high. However, will USDCAD continue the upward trend? Gain insight into the following Technical forecast.

22 October, OctaFX – The USDCAD declined sharply and then pared gains in early trading today. On Friday, Canada released inflation numbers that missed analysts’ forecasts.

Fundamental Highlights

In September, CPI rose at an annualized rate of 2.2%. This was lower than the 2.7% that traders were expecting, and the previously-released 2.8%. The core CPI that excludes food and energy products was 1.5%, which was lower than the consensus of 1.8%.

This week, the BOC is expected to raise interest rates for the second time this year. Traders will want to know the bank’s view on the slowed inflation rate.

USDCAD Technical Forecast

The USDCAD pair fell and then recovered suddenly in the Asian session. It reached an intraday low of 1.2980, which was the lowest level since Friday. It is now trading at 1.1.3095, which is closer to Friday’s high.

This level is higher than the 28 and 14-day moving average. Today, the pair is likely to continue moving upwards as traders wait for the statement from the BOC.

Disclaimer

This article was provided by OctaFX. It should NOT substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.