USDCAD yesterday drew a bearish candlestick continuing the previous decline. The price formed a long body bearish candlestick with a slight shadow on the top candle with a high price of 1.36840 and a low of 1.36327.
On the Weekly time frame, USDCAD declines for three consecutive weeks with the first week reflecting extreme declines.
The Bank Of Canada's interest rate is now at 4.50%, but market consensus expects the central bank to cut rates 25 bps from 4.50% to 4.25% at its September meeting.
Meanwhile, the market hopes that the Fed will cut interest rates at the end of the year, which is estimated in September the Fed will cut interest rates by 25 bps, from 4.50% to 4.25%.
Today investors are focused on Canadian inflation data, the Consumer Price Index which is forecast at 0.4% from previous data -0.1%.
View attachment 7284
On the Weekly time frame, USDCAD declines for three consecutive weeks with the first week reflecting extreme declines.
The Bank Of Canada's interest rate is now at 4.50%, but market consensus expects the central bank to cut rates 25 bps from 4.50% to 4.25% at its September meeting.
Meanwhile, the market hopes that the Fed will cut interest rates at the end of the year, which is estimated in September the Fed will cut interest rates by 25 bps, from 4.50% to 4.25%.
Today investors are focused on Canadian inflation data, the Consumer Price Index which is forecast at 0.4% from previous data -0.1%.
View attachment 7284
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