{"id":69824,"date":"2015-03-19T17:16:05","date_gmt":"2015-03-19T21:16:05","guid":{"rendered":"http:\/\/countingpips.com\/?p=69824"},"modified":"2015-03-19T18:07:54","modified_gmt":"2015-03-19T22:07:54","slug":"usdcad-in-full-reversal-mode-ahead-of-canadian-cpi","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2015\/03\/usdcad-in-full-reversal-mode-ahead-of-canadian-cpi\/","title":{"rendered":"USDCAD in Full Reversal Mode Ahead of Canadian CPI"},"content":{"rendered":"<div id=\"inves-2444843909\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">March 19, 2015<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>Technical Bias: Bearish<\/strong><\/p>\n<p><strong>Highlights:<\/strong><\/p>\n<ul>\n<li>USDCAD reverses Wednesday\u2019s losses, as the US dollar rebounds across the board.<\/li>\n<li>Canada set to release CPI and retail sales figures on Friday.<\/li>\n<\/ul>\n<p>The US dollar roared back on Thursday, after a cautious Federal Reserve statement pushed up the Canadian dollar to two-week highs on Wednesday.<\/p>\n<p>The USDCAD rallied to a high of 1.2765. It would subsequently consolidate at 1.2716, advancing 140 pips. The pair faces immediate support at 1.2397 and resistance at 1.2785.<\/p>\n<p><a href=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-174.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-199334\" src=\"http:\/\/www.fxtimes.com\/wp-content\/uploads\/2015\/03\/Screenshot-174.png\" alt=\"Screenshot (174)\" width=\"740\" height=\"490\" \/><\/a><\/p>\n<p>The US dollar posted its biggest one-day drop in six years on Wednesday in the wake of mixed signals from the Fed about rate normalization. The USDCAD nearly reversed all of its losses on Thursday as investors\u00a0turned their attention to Canadian data.<\/p>\n<p>Statistics Canada will report on national CPI on Friday. Canadian CPI is forecast to rise 1 percent annually in February following an identical increase in January. So-called core inflation, which strips away goods such as food and gasoline, is forecast to rise 2.1 percent annually.<\/p><div id=\"inves-1568393359\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<p>The Bank of Canada is predicting negative inflation from low oil prices, but says this won\u2019t constitute deflation, which would require a decline in prices in most consumer categories. Inflation expectations remain \u201csolidly anchored,\u201d according to a BOC official, who only last month reassured the markets deflation would not impact the economy.<\/p>\n<p>The BOC cut interest rates in January for the first time in more than four years, ensuring that slumping prices would not put a bigger dent in the Canadian economy. The BOC made no change to its key interest rate at the March policy meetings.<\/p>\n<p>Separately, Canada\u2019s statistics agency will report on January retail sales on Friday. Retail sales are forecast to drop 0.7 percent, following a 2 percent drop in December that was also the biggest in four years.<\/p>\n<p><strong><br \/>\n<i>For more late-breaking Forex news, currency analysis and investment tools, visit <\/i><a href=\"http:\/\/www.fxtimes.com\/\"><i>http:\/\/www.fxtimes.com<\/i><\/a><i>.<\/i><br \/>\n<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical Bias: Bearish Highlights: USDCAD reverses Wednesday\u2019s losses, as the US dollar rebounds across the board. Canada set to release CPI and retail sales figures on Friday. The US dollar roared back on Thursday, after a cautious Federal Reserve statement pushed up the Canadian dollar to two-week highs on Wednesday. The USDCAD rallied to a [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-69824","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69824","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=69824"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69824\/revisions"}],"predecessor-version":[{"id":69826,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/69824\/revisions\/69826"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=69824"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=69824"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=69824"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}