The USD/CAD continues to tip to the downside as the Loonie (CAD) gets pushed higher by rising oil prices. Oil prices continue to chew through chart pa
Oil prices are surging thanks to ongoing supply constraint concerns, sending the CAD soaring against the USD.Economic Calendar sees several high-impact figures for both the USD and CAD this week.Oil prices continue to chew through chart paper, with The USD/CAD is testing into five-week lows as the US Dollar gives up ground against the commodity-supported CAD, but the midweek sees the Federal Reserve landing with another rate call.
The Canadian CPI is scheduled for 12:30 GMT Tuesday, and is expected to climb to 3.8% from the previous 3.3% as the Bank of Canada struggles to contain inflation largely bolstered by rising energy prices. Thursday will bring US Initial Jobless Claims which lasted printed at 220K, while Friday sees Canadian Retail Sales for July, forecast to tick higher from 0.1% to 0.4%.is expected to decline slightly from 47.9 to 47.8, while the services component is seen declining from 50.5 to 50.3.The Dollar-Loonie pairing is trading to the midpoint of familiar territory initially reached in late 2022, and the pair is rapidly approaching the 200-day Simple Moving Average near 1.
The Relative Strength Index and Moving Average Convergence-Divergence indicators are firmly bearish on daily candlesticks, and the are warning buyers that there could still be plenty of room to run towards the downside before a successful bullish offensive can be mounted.
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