USD/CAD is forming a triangle pattern in anticipation of the data on consumer inflation in Canada, which will be released today. If it shows continued growth, the Central Bank of Canada will be forced to continue raising interest rates, which, coupled with high crude oil prices, may lead to a local reversal of the pair.
Technical picture:
The quote is currently at the lower line of the Bollinger indicator, below SMA 5 and SMA 14. The RSI is below 50% and is declining, while the stochastic indicator is in the oversold zone.
Forecast for today:
The decline of the pair below 1.2565 amid a possible rise in inflation may lead to a further fall to 1.2465.