USD/CAD reacts to US CPI

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/CAD was highly volatile after the release of the US Consumer Price Index on Thursday, as the pair bounced around in the range between the 1.2640 and 1.2750 levels. Namely, the rate fluctuated in a more than 100 pip range. 

On Friday morning, the volatility appeared to have calmed down. In the aftermath of the event, the pair ended up above the support of the 1.2715/1.2725 zone. Meanwhile, resistance appeared to be provided by the 1.2750 mark.

If the pair passes below the 1.2715 level, the USD/CAD might look for support in the 50 and 200-hour simple moving averages near 1.2700. Further below, take into account the 1.2685 level, where the weekly S1 simple pivot point is located at.

On the other hand, a recovery would have to pass above the 1.2750 mark, before approaching the resistance zone of the late January and early February high levels at 1.2788/1.2797.
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