USD/CAD Correction

USD/CAD started the week off the right foot but since then it's been on the downturn for good. The pair reached 1.3592 on Monday and then bears took over and pushed the price to a low of 1.3402 yesterday. Currently, price is 1.3414 and it looks like it will keep depreciating. First support zone is seen at 1.3388 and if this is taken out bears might go for the home run at 1.3030.

Today's news will determine the winner in the current market situation as we are expecting the US Consumer Price Index. For tomorrow, the CAD Consumer Price Index will also play a role in forming the next move of the pair.

Since the major low of 1.2459 the pair has been very difficult to trade as there are multiple highs and lows day in and day out. The stagnation will most likely continue at least until the end of the year.

Chart: USD/CAD D1