The Lonnie is seen bearish during the Asian session. Meanwhile the overall trend is bearish but rebounded the previous day to close at 1.3958 a cumulative of + 58% for the day. The pair witnessed a slight resistance somewhere around 1.3977 but tanked afterwards and maintained this trajectory today the 16th of April 2025.
The pair is seen hovering around 1.3916 and 1.3904 which serves as minor support while waiting for the next catalyst to drive prices.
Talking about catalyst that drives prices, on the radar yesterday we saw the annual inflation rate in Canada fell to 2.3% in March of 2025 from eight-month high of 2.6% in the previous month, below market expectations that it would remain at 2.6% and below forecasts by the central bank of 2.5%. This decline could further explain the tank in the pair.
UPCOMING CATALYST:
Later today at 4:30PM GMT +4, markets await the release of U.S core retail sales and retail sales m/m simultaneously with a forecast of 0.4% a slight tick up from 0.3% from previous month and 1.3% a significant increase from 0.2% from previous month respectively.
At 5:45PM GMT +4, the BoC would likely hold its interest rate steady at 2.75% for the first it’s holding rate since June 2024.
LEVELS TO WATCH:
In view of the upcoming data release, analyst expects price to tank further to 1.3868 and probably resisted around 1.3833 if the CAD is strengthened against the USD, on the flipside, in the event that the USD gains momentum, then potential target would be around 1.3972 and further rally would eye 1.4071. However, further breakout of these levels is not ruled out as per analyst.
The pair is seen hovering around 1.3916 and 1.3904 which serves as minor support while waiting for the next catalyst to drive prices.
Talking about catalyst that drives prices, on the radar yesterday we saw the annual inflation rate in Canada fell to 2.3% in March of 2025 from eight-month high of 2.6% in the previous month, below market expectations that it would remain at 2.6% and below forecasts by the central bank of 2.5%. This decline could further explain the tank in the pair.
UPCOMING CATALYST:
Later today at 4:30PM GMT +4, markets await the release of U.S core retail sales and retail sales m/m simultaneously with a forecast of 0.4% a slight tick up from 0.3% from previous month and 1.3% a significant increase from 0.2% from previous month respectively.
At 5:45PM GMT +4, the BoC would likely hold its interest rate steady at 2.75% for the first it’s holding rate since June 2024.
LEVELS TO WATCH:
In view of the upcoming data release, analyst expects price to tank further to 1.3868 and probably resisted around 1.3833 if the CAD is strengthened against the USD, on the flipside, in the event that the USD gains momentum, then potential target would be around 1.3972 and further rally would eye 1.4071. However, further breakout of these levels is not ruled out as per analyst.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.