USD/CAD: outlook for March 20-24

USD/CAD: outlook for March 20-24

USD/CAD slumped to 1.3280 after the FOMC meeting. The decline was short-lived, however. Towards the end of the week, the greenback revived its bullish momentum and rose to 1.3330.

Next week we will be waiting for a number of economic releases: retail sales and inflation figures from Canada, existing home sales and current account data from the US.  Canadian annual budget release might become an additional market trigger. Another focus will be on the Fed Chair Janet Yellen and FOMC officials’ speeches scheduled for Thursday and Friday respectively.  

At the present moment, USD/CAD is trading tightly near the 100-day MA (around 1.3300 level) consolidating after Wednesday’s impressive decline. A further support can be found at 1.3280 (the upper border of Ichimoku cloud). If it is broken the quote will slide further towards 1.3215 (200-H4 MA), or 1.3115. A break of resistances at 1.3385/1.3420 will be a signal of the restoration of the uptrend.

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