Canadian Dollar gives away gains with investors increasingly cautious ahead of US CPI release.
From a wider perspective, CAD continues searching for direction within previous levels. US Inflation and the BoC monetary policy decision, due on Wednesday, are likely to set the USD/CAD’s near-term direction. The Canadian Dollar is trading lower on Tuesday, giving back all the ground taken on Monday. A somewhat more sour market sentiment is boosting the US Dollar across the board, with equities dipping into negative territory and investors focusing on Wednesday’s US Consumer Prices Index data.
For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR /JPY . Technical analysis: USD/CAD’s broader bias remains positive, with a key resistance area at 1.3645 The US Dollar has bounced up from the support area at 1.3555. This level is coincident with the US Dollar Index support area at 193.90.
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