USD/CAD trades sideways

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


Since the middle of Wednesday's trading, the pair has been fluctuating between the 1.2665 and 1.2685 levels, as the market awaits today's US Consumer Price Index data. The inflation data is bound to reveal, how the US Federal Reserve is set to combat inflation via monetary policy.

If the currency pair reacts to the news with a surge, the USD/CAD would have to pass the 50 and 200-hour simple moving averages near 1.2690 and 1.2700, before the pair reaches the resistance of the 1.2720 level.

Meanwhile, a decline would look for support in the February low level zone at 1.2652/1.2660. Note that the most close by technical support level below the low level zone is the weekly S2 simple pivot point at 1.2599.
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