Strifor || USDCAD-12/12/2023

Preferred direction: SELL
Comment: After the publication of US CPI data, the American currency began to strengthen. Against this background, as we previously assumed, we should expect another upward movement towards the resistance level 1.36545.

We need to consider two scenarios. The most likely one is number 1 (scenario 1). The CPI is a very important economic indicator, but the Fed meeting, which will take place tomorrow, is definitely no less important. Analysts do not expect anything grandiose, but market mechanics most likely have their own thoughts on this matter. As we wrote in previous trading ideas for major trading instruments, the US dollar is expected to strengthen before the Fed (which is what we are seeing), and also probably after the meeting, within a short period of time. Thus, by the end of the week, we can expect a weakening of the American currency.

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