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Some important news event lined up tomorrow from US & Canada. First we have retail sales numbers from USA and this data is of utmost importance as consumer spending is essential part of US economic growth.
Then we have Interest Rate decision from Bank of Canada followed by Crude Oil Inventories. While Bank of Canada is expected to keep interest rate unchanged, but their press conference could provide hint of future policies and whether further rate cut is on cards.
From technical perspective USDCAD is in bearish trend for last few weeks despite falling oil prices and weaker economic growth in Canada, their currency is getting stronger against USD. In my view a retracement is over due and price is close to higher time frame demand zone, so best option would be to look for bullish price action on lower time frames.
Then we have Interest Rate decision from Bank of Canada followed by Crude Oil Inventories. While Bank of Canada is expected to keep interest rate unchanged, but their press conference could provide hint of future policies and whether further rate cut is on cards.
From technical perspective USDCAD is in bearish trend for last few weeks despite falling oil prices and weaker economic growth in Canada, their currency is getting stronger against USD. In my view a retracement is over due and price is close to higher time frame demand zone, so best option would be to look for bullish price action on lower time frames.
