USD/CAD eyes bullish breakout as market sentiment improves
Updated
The USD/CAD pair is currently experiencing a period of indecisiveness as investors eagerly anticipate the release of Canada's inflation data for further guidance. In particular, both Canada's core and headline inflation rates are expected to soften, with projections of 3.9% and 3.7%, respectively.
Meanwhile, the USD/CAD pair has been gradually trending downwards towards a downward-sloping trendline plotted from 1.3862. Despite a solid opening in the Asian session, the pair has since turned sideways around the 1.3553 mark. Market analysts anticipate that the Loonie asset will continue to remain lackluster as investors hold out for the release of Canada's Consumer Price Index (CPI) and the outcome of negotiations over US debt-ceiling talks.
Meanwhile, the USD/CAD pair has been gradually trending downwards towards a downward-sloping trendline plotted from 1.3862. Despite a solid opening in the Asian session, the pair has since turned sideways around the 1.3553 mark. Market analysts anticipate that the Loonie asset will continue to remain lackluster as investors hold out for the release of Canada's Consumer Price Index (CPI) and the outcome of negotiations over US debt-ceiling talks.
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