Canada CPI
Written July 23, 2010 at 7:08 AM EST by John Teister
Canadian CPI came in at -0.1% versus the forecast of 0.0% and prior reading of 0.3%. Core CPI was -0.1%; worse than the survey of 0.1% and prior showing of 0.3%
2 Responses to “Canada CPI”
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- kenny on EURUSD tests 200 hour MA. Look for support against level
- Greg Michalowski on EURUSD tests 200 hour MA. Look for support against level
- kenny on EURUSD tests 200 hour MA. Look for support against level
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Can you provide me with any guidelines that I can study on a daily/weekly/monthly basis that would assist me in understanding the dynamics of making trade decision in the USDCAD pair. The rumor seems to have it that it is an oil based phenomena. We have not been able to verify this empirically.
Thank you for any direction that you can provide.
Melanie
Melanie,
Thank you for your comment and question. Yes Oil is an influence on the CAD$ as Canada is a net exporter of oil, in fact the source of the most oil for the USA. (moost think it is the OPEC member nations but that is not so). As a result, there is a correlation between the price of oil and the currency. If oil goes up the CAD$ should go up too (the USDCAD as a pair goes down) and visa versa. However, what traders often get caught up with is that the correlation can drift apart on any given day. Oil is just one “fundamental” influence on the price of the CAD$. There are many more influences that can effect the price on a day to day basis. Oil can also be quite volatile as well. So you must be careful as a trader to rely too much on any one thing like the price of oil. I would suggest that you use the correlation as a secondary tool for CAD$ trading decisions. What I teach and suggest is the use of the technical tools like Moving averages, trendlines and Fibonacci Retracements as primary tools for your trading. That is if the price of oil is moving higher, but more importantly the USDCAD is starting to move below the 100 hour MA, this could give you more confidence in your trade.
What I suggest you do is attend our webinars during the week and also watch re-broasdcast of past webinars at http://forex.fxdd.com/webinars They are designed to teach and although we may not talk directly about the CAD$, the same rules apply. We also send out daily forex market reports. To subscribe, send me an email at greg@fxdd.com.
I hope this gets you moving in the right direction. If you have any other questions, please let me know and I will look to answer as soon as possible. But first things first, try watching some of the rebroadcasts.
Kind regards,
Greg