Everything is going against USD/CAD. The big mover of the week came from Ottawa. The Bank of Canada not only raised rates but also made hawkish sounds. They are set to hike rates again this year, based on upgraded forecasts. The dollar side is also making its contribution. The troubles of Trump Junior were joined by Janet Yellen’s nod to lower inflation. And weak inflation is indeed the name of the game. Both core and headline inflation numbers missed on a monthly basis. Year over year, core CPI remained at 1.7% and headline CPI dropped. In addition, retail sales dropped by every measure, headline, core, and core of the core. A miss on US consumer confidence added fuel to the fire. The US dollar dropped and the loonie was there to benefit. USD/CAD reached a bottom of 1.2680 and bounced all the way back up to 1.2771. From there, the pair slid a bit lower before the data came out. And those poor US figures pushed the pair to challenge the lows. The low is 1.2684, just 4 pips shy of the previous 13-month low. Double bottom at 1.2680 So, this can be seen as a double-bottom, making 1.2680 a tougher nut to crack. While the wider trend is clear and can continue running, the pair may be oversold at this point in time. More: USD/CAD: What’s The Post-BoC Trade? – Nomura Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Daily Look share Read Next USD/JPY lost uptrend support – Forecast July 17-21 Yohay Elam 6 years Everything is going against USD/CAD. The big mover of the week came from Ottawa. The Bank of Canada not only raised rates but also made hawkish sounds. They are set to hike rates again this year, based on upgraded forecasts. The dollar side is also making its contribution. The troubles of Trump Junior were joined by Janet Yellen's nod to lower inflation. And weak inflation is indeed the name of the game. Both core and headline inflation numbers missed on a monthly basis. Year over year, core CPI remained at 1.7% and headline CPI dropped. In addition, retail sales dropped… 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.
