Canada’s inflation data set to come out later in the day has investors on the edges of their seats. Canada’s inflation expectations have been rising, further fueling price pressures. The USD/CAD is approaching 1.3000 in the charts. The USD/CAD price is pushing toward 1.3000 as investors wait for inflation data from Canada. This move can also be attributed to the stronger dollar, pushed by recession concerns. With every inflation data release comes the fear of collapsing economies as central banks try to tame price pressures. -Are you interested in learning about forex live calendar? Click here for details- Investors expect the Bank of Canada to match the Federal Reserve by raising rates by 75-bps at its July 13 meeting. “Central bankers can’t be too happy with what’s happening at the gas pumps since it’s one of the prices that households most closely track, along with some other staples like milk and bread. These prices have more influence over perceptions of inflation than their actual weight in the consumer basket,” said Avery Shenfeld, chief economist at CIBC Capital Markets. USD/CAD key events today The testimony by Fed Chair Jerome Powell later in the day will likely cause volatility in the US dollar index and subsequently USD/CAD as there might be clues on the next rate hike in July. Investors are also keen on inflation data from Canada, with core CPI (YoY) expected to go up to 5.9% from 5.7% in May. May’s Core CPI (MoM) is expected to drop to 0.4% from 0.7%. This inflation data has a lot of weight as it will inform the Bank of Canada on the next steps regarding interest rates. Get FREE Forex Signals Now! USD/CAD price technical analysis: Eying regain of 1.3000 Looking at the 4-hour chart, we see the price pushing higher after pushing below the 30-SMA. The price has gone above the SMA, showing that bulls have returned. RSI is trading above 50, which also favors bullish momentum. If bulls can maintain this momentum, we could see the price retesting at 1.3050. A break above this level would lead to a higher high, further confirming the bullish trend. -Are you interested in learning about forex signals? Click here for details- However, there is a significant obstacle on the way: the 1.3000 level, a critical psychological level. If bulls cannot break above this, we could see bears coming in to push the price below 1.2900. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Saqib Iqbal Saqib Iqbal Saqib Iqbal is a market analyst, prop fund trader and mentor, serving the industry with his analysis and educational content since 2011. The author has great exposure to different financial markets and institutions. He's well-known for his day trading reviews and multiple timeframe analysis. View All Post By Saqib Iqbal Majors share Read Next GBP/USD Price Volatile After UK CPI, Bearish Continuation Below 1.2155 Olimpiu Tuns 1 week Canada's inflation data set to come out later in the day has investors on the edges of their seats. Canada's inflation expectations have been rising, further fueling price pressures. The USD/CAD is approaching 1.3000 in the charts. The USD/CAD price is pushing toward 1.3000 as investors wait for inflation data from Canada. This move can also be attributed to the stronger dollar, pushed by recession concerns. With every inflation data release comes the fear of collapsing economies as central banks try to tame price pressures. -Are you interested in learning about forex live calendar? Click here for details- Investors expect… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.