With markets expecting the Bank of Canada to hike in October, today's CPI data from Canada is a core focus for markets. We take a look at USD/CAD, GBP/CAD and NZD/CAD daily charts to highlight key levels.
USD/CAD Daily
- Compressing beneath the June retracement line ahead of today’s CPI data.
- A break of 1.3114 or 1.3175 could mark the beginning of its next directional move.
- A break above retracement line assumes resumption of the bullish trend.
GBP/CAD
- Trend remains bearish, a break of 1.6589 confirms resumption of the trend.
- Currently consolidating between the November 2017 and January 2018 lows.
- A break above 1.6806 would provide a counter-trend signal over the near-term.
NZD/CAD Daily
- Currently retracing after breaking to a near 3-year low.
- Trend remains bearish but the December lows (0.8682/90) could prove pivotal over the near-term.
- At current levels the cross is on track for a weekly bullish pinbar.