USD/CAD FORECAST: MILDLY BULLISH
- USD/CAD advances and challenges a key technical resistance as volatility begins to pick up
- Canada’s inflation data could be an important catalyst for price action next week
- Market sentiment should also be a major driver of the Canadian dollar in the near term
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For much of the last month and a half, USD/CAD (U.S. dollar – Canadian dollar) has been rangebound, moving largely directionless between support at ~1.3280 and resistance at ~1.3530. In recent days, the pair has accelerated to the upside following a volatility surge, testing the topside of the consolidation range, but failing to break out of it decisively.
In the coming sessions, there will be several macro events that could trigger wild swings and possibly guide near-term…