The Canadian Dollar Is Finding Support Ahead Of CPI Data Release

• 17 Nov 2017

USD/CAD

The USD/CAD pair is testing the 1.276 price level after breaking the 20-period EMA. However this price level appears to be a sticking point for the pair as several attempts to break the resistance level have been rejected. Momentum indicators suggest that sentiment has a bearish bias with both RSI and MACD having downward trajectories.  Interest in the pair appears to be waning highlighted by declining volume. Fundamental factors may be required to intitiate a move.

Impact event: Bank Of Canada Consumer Price Index data will be released at 15:30 GMT+2 and will impact CAD pairs.

CAD/CHF

The CAD/CHF pair is testing both the 0.778 price level and the 20-period EMA to the upside. Momentum indicators are mildly bullish with MACD hovering above the zero line. Volume appears to be steady indicating buyers may have enough conviction to drive prices higher. A full break (a candle closing above the 0.778 price level) is required to confirm the uptrend.

EUR/CAD

The EUR/CAD is trading within the 1.499- 1.510 price range. Although momentum indicators appear to be bullish, RSI is heading towards the 70 resistance line. Volume has been rising in the last few trading session indicating plenty of interest in the pair. Fundamental events later today may clarify the pair’s direction in the near-term.

NZD/CAD

The New Zealand Dollar has been weak against its North American counterpart. There are signs, however, that fortunes may reverse for the NZD. A break of the 0.874 price level has also resulted in a break of the lower Bollinger band. Another indication that the pair is reaching oversold conditions is the fact that RSI is approaching the 30 support level, which may signal a potential bullish reversal. MACD remains in bearish territory and volume remains steady.