Canadian Dollar in ‘calm before storm’ ahead of BoC meeting USDCAD Canada Technical Analysis Fundamental Analysis
Canadian Dollar news and market movers
The Core Consumer Price Index drives interest rate decisions, and in Canada, core inflation has fallen to 3.7% from 4.1% in the last reading, placing less pressure on the BoC to continue raising rates. The BoC is prone to surprising markets, however, as FXStreet Senior Analyst Yohay Elam points out in his BoCSuch a move would benefit from the advantage of surprise and probably see USD/CAD sell off substantially.USD/CAD is in a long-term uptrend on the weekly chart, which began after price rose following the 2021 lows. Since October 2022, the exchange rate has been in a sideways consolidation within the uptrend.
USD/CAD’s measured move looks like it has completed given waves A and C are of a similar length. This suggests price probably bottomed at the June 27 lows and is now at the start of a new cycle higher. A confluence of support situated under the June lows in the upper 1.3000s, that is made up of several longer moving averages and a major trendline, provides a backstop to further losses. Only a decisive break below 1.
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