Hello traders!
USDCAD is showing strong bullish momentum after tonight’s U.S. economic data release. The annual CPI rose to 3.1%, higher than the forecast of 2.9%, signaling persistent inflation pressure and suggesting that the Fed may delay rate cuts. This has boosted the U.S. dollar, providing solid support for USDCAD to move higher.
On the H1 chart, price has broken above both the EMA34 and EMA89 resistance zones while holding firm above the key psychological level of 1.4000. This indicates a shift from consolidation to a short-term bullish phase. The current price structure is forming a W-pattern, with the next target around 1.4030.
If price continues to stay above 1.4000, buying pressure could drive USDCAD to break the upper boundary of the descending channel, opening the way toward 1.4050–1.4100. The overall short-term trend remains mildly bullish, supported by stronger-than-expected U.S. CPI data and the renewed strength of the USD.
USDCAD is showing strong bullish momentum after tonight’s U.S. economic data release. The annual CPI rose to 3.1%, higher than the forecast of 2.9%, signaling persistent inflation pressure and suggesting that the Fed may delay rate cuts. This has boosted the U.S. dollar, providing solid support for USDCAD to move higher.
On the H1 chart, price has broken above both the EMA34 and EMA89 resistance zones while holding firm above the key psychological level of 1.4000. This indicates a shift from consolidation to a short-term bullish phase. The current price structure is forming a W-pattern, with the next target around 1.4030.
If price continues to stay above 1.4000, buying pressure could drive USDCAD to break the upper boundary of the descending channel, opening the way toward 1.4050–1.4100. The overall short-term trend remains mildly bullish, supported by stronger-than-expected U.S. CPI data and the renewed strength of the USD.
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.