Home Analysis USD/CAD Is slightly bullish ahead of major economic events

USD/CAD Is slightly bullish ahead of major economic events

USDCAD Is slightly bullish ahead of major economic events - forexspacex.com

USD/CAD has added nearly 0.20% so far at the time of reporting, underpinned by a series of data reports. Bank of Canada will be reporting the core consumer price index data for September month along with the CPI data from Statistics Canada. The Core CPI is expected to decline a bit as per the market census. Watch out for these events as these economic indicators help to analyze the health of the Canadian economy and the potential rate hike outlook from the Bank of Canada. The Momentum oscillators are in oversold territory on the daily chart, so a sharp rise will not be a surprise on favorable reports.

Important pivots to consider in daily timeframe

NameS3S2S1Pivot PointsR1R2R3

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