Chapter 48 Will the CPI inflation rate in Canada change the trend direction in EURCAD?
27/06/2023
Summary
CPI inflation rate in Canada and ECB president Lagarde's speech leads the market
Fundamental analysis
Fundamentally in this pair, We see the data released In Canada The CPI inflation rate With lower figures than last month at 3.4% Same as the market expected and this figure will give weakness for the CAD on the other hand we see in the ECB president Lagarde speech today she repeats that she strongly agreed of increasing interest rate more times this year this would give strength for the EUR.
Canada CPI YoY
Prev.: 4.4%
Act.: 3.4%
Technical analysis
In this 4-hour diagram chart, the market price now is 1.44355, we expect the market to move down To the previous demand zone touching the 20-moving average and then Bounce up to the oldest supply zone at 1.45300 with the 20-moving average pointing up.
Trading Recommendation
Trading Direction: Long
Entry Price: 1.44117
Target Price: 1.45305
Stop Loss: 1.43525
