USD/CAD Price Analysis: Slides below mid-1.3400s, Canadian CPI/US Retail Sales in foucs – by hareshmenghani USDCAD Technical Analysis EconomicIndicator Fed Currencies
rices drop to a fresh daily low, below mid-1.3400s in the last hour and the intraday downtick could be solely attributed to some repositioning trade ahead of the latest Canadian consumer inflation figures, due for release later during the early North American session.
Furthermore, concerns about the worsening economic conditions in China should act as a tailwind for the safe-haven buck and help limit deeper losses for the USD/CAD pair, at least for now. Meanwhile, subdued Crude Oil prices fail to provide any impetus to the commodity-linked Loonie or influence the major. The technical setup, however, still seems tilted firmly in favour of bullish traders and suggests that the path of least resistance for spot prices is to the upside.
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