The loonie pair displayed the same trend which got triggered since the last four sessions. During the Asian session, the USD/CAD pair had opened near 1.3452 levels and waved further. The pair created a new high for the day around 1.3468 levels. The loonie pair stayed above the support line with 1.3449 levels.

The news about Donald Trump pressed the OPEC countries to increase their oil supply. The green money suffered a push back in the Asian Session after following this headline.

The Crude Oil prices continued resisting back from any further progress in their prices. The US crude stocks reported an increase in the week since April 19. However, this ease in the oil prices may short-lived with another attempt from the prices to crop up.

The USD/CAD pair might gain support from the US calendar events lined up for the day.

USD/CAD Impactful Events

There are no CAD Specific Events lined up for the day. However, the loonie will showcase volatility on the backdrop of US Events.

USD Specific Events

12:30 GMT

US March MoM Personal Income

This report reveals the change in the total income generated from all the earning population. This Personal Income is quite imperative from US Employment perspective. The market expects the percent figures to come around 0.4 percent, to the prior 0.2 percent.

US Feb & March MoM Core Personal Consumption Expenditure – Price Index

This report will reveal the average spending of an individual excluding the expenses on volatile products. The consensus takes an in-line stance on the MoM results to the previous 0.1 percent. On the other hand, the market expects the YoY figures to round off 0.1 percent lower to the last 1.8 percent.

US Feb & March Personal Spending

The previous (January) figures had reported near 0.1 percent.

Technical Analysis

The USD/CAD pair was drifting near the upper region of the Bollinger Bands (BB), showing uptrend signs. The BB appeared to expand after remaining contracted yesterday picturizing high volatility from the USD/CAD pair. The loonie traded well above the 50-days and 100-days SMA revealing near term uptrend. On the other side, the 200-days SMA though remained above the loonie was approaching for a convergence. The Relative Strength Index (RSI) was hovering near 60 levels, showcasing strong buying bias. If it proceeded upwards, the pair has to breach the 1.3498 resistance level. On the flipside, the support points remain near 1.3456 and 1.3438 levels.