Loonie: Canada CPI in the spotlight : I expect negative data
Canada CPI is the last important data this week.
Many traders is pricing for weaker Loonie, and energy price also doesn't support for Loonie.
We have two options on the table:
- Negative data
- Positive data.
USDCAD test the ascending trend line , and there is divergence between price and Stoch + RSI
If data is negative, USDCAD soars, on the other hand, USDCAD will break the trend line and move lower to nearest support at 1.2860
In my opinion, I choose negative data.
Many traders is pricing for weaker Loonie, and energy price also doesn't support for Loonie.
We have two options on the table:
- Negative data
- Positive data.
USDCAD test the ascending trend line , and there is divergence between price and Stoch + RSI
If data is negative, USDCAD soars, on the other hand, USDCAD will break the trend line and move lower to nearest support at 1.2860
In my opinion, I choose negative data.