MarketPulse | Sep 12, 2018 08:38AM ET
The Canadian dollar is trading sideways in the Wednesday session. Currently, USD/CAD is trading at 1.3075, up 0.07% on the day. On the release front, Canada releases Capacity Utilization Rate. In the U.S, In the U.S, PPI and Core PPI are both expected to rise to 0.2%. On Thursday, Canada releases a housing inflation report and the U.S publishes CPI as well as unemployment claims.
Trade talks between the U.S and Canada are continuing, with the parties hoping to wrap up an agreement shortly. The Bank of Canada is also keeping a close eye on the NAFTA negotiations Last week’s rate announcement that policymakers would be “monitoring closely the course of the NAFTA negotiations and other trade policy developments, and their impact on the inflation outlook”. With the Canadian economy performing well and the Fed likely raising rates later this month, there is pressure on the BoC to again raise rates in 2018. However, concerns over NAFTA and global trade tensions have won the day for now, as the BoC took a pass on a rate hike.
USD/CAD Fundamentals
Thursday (September 13)
*All release times are DST
*Key events are in bold
USD/CAD for Wednesday, September 12, 2018
USD/CAD, September 12 at 8:15 DST
Open: 1.3067 High: 1.3079 Low: 1.3041 Close: 1.3075
USD/CAD Technical
S3 | S2 | S1 | R1 | R2 | R3 |
1.2831 | 1.2970 | 1.3067 | 1.3160 | 1.3292 | 1.3386 |
USD/CAD was flat for most of the Asian session and has ticked upwards in European trade
Further levels in both directions:
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