USDCAD Chart Technical Outlook trades lower on market relief, bears target 1.3060
USD/CAD trades in a broad extended corrective pattern with more room for the downside. Today’s initial market relief out of China hopes could push the pair lower.
There is a scheduled speech of Deputy Governor Sharon Kozicki of the Bank of Canada at the ECB Forum on Central Banking. Inflation data from Canada is due today, while markets price more rate hikes from the BoC.
I expect more downside price action on market relief and bearish retailers’ sentiment, while more clues are expected from today’s data.
Resistances: 1.3170, 1.3225
Supports: 1.3100, 1.3060