Chart of the day - USDCAD (19.09.2023)

Markets remain rather calm and quiet in the run-up to the central bank marathon later this week. Traders will be offered rate decisions from FOMC (Wednesday), Bank of England and Swiss National Bank (Thursday) as well as Bank of Japan (Friday), among others. However, some action and short-term volatility may also be present today on USDCAD around 1:30 pm BST. This is due to a simultaneous release of US housing market data for August and Canadian CPI inflation data for August.

US, housing market data for August

Building permits. Expected: 1440k. Previous: 1443k
Housing starts. Expected: 1440k. Previous: 1452k

Canada, CPI inflation for August. Expected: 3.8% YoY. Previous: 3.3% YoY

USDCAD is trading in an interesting technical spot. Taking a look at the chart at D1 interval, we can see that the pair has halted recent advance slightly below the 1.3700 mark at the beginning of September and has been pulling back for the past two months. Pair reached a support zone in the 1.3350 area, marked with previous price reactions, 50- and 200-sesion moving average as well as the 38.2% retracement of the latest upward impulse. A break below could hint that current pullback is not just a correction and instead a reversal might be underway.

Source: xStation5

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