FX Week Ahead - Top 5 Events: August Canada Inflation Report & USD/CAD Rate Forecast
The August Canada inflation report (consumer price index) is due on Wednesday, September 18 at 12:30 GMT.

The August Canada inflation report (consumer price index) is due on Wednesday, September 18 at 12:30 GMT.

Recent developments in the Relative Strength Index (RSI) foreshadow a further decline in USDCAD as the indicator snaps the bullish formation carried over from July.

The recent Canadian dollar weakness against the US dollar may come under pressure later in the session as the Bank of Canada releases its latest interest rate decision. Nearby USDCAD support may come under pressure.

USDCAD initiates a fresh series of lower highs and lows, with the exchange rate at risk for a further decline as the Federal Reserve is expected to deliver a rate cut.

USDCAD may stage a larger rebound ahead of the Bank of Canada (BoC) meeting on July 10 as the exchange rate snaps the series of lower highs and lows from last week.

USDCAD may continue to exhibit a bearish behavior over the remainder of the week as the Relative Strength Index (RSI) flirts with oversold territory.

USDCAD appears to be on track to test the monthly-low (1.3238) following the Federal Reserve meeting as the exchange rate initiates a series of lower highs and lows.

The May Canada inflation report (consumer price index) is due on Wednesday, June 19 at 12:30 GMT.

USDCAD continues to give back advance from the April-low (1.3274) ahead of the NFP report as Federal Reserve officials change their tune.

USDCAD has been through a busy week, falling back from last week's BoC-fueled bullish breakout, now testing a key area of confluent support.

The May Canada jobs report (detailing the employment change and unemployment rate) is due on Friday, June 7 at 12:30 GMT.

USDCAD rallies to near six-month high after the central bank left its benchmark interest rate unchanged at 1.75% with the accompanying release highlighting a mildly dovish overtone.

Gold prices fell as the US Dollar regained support from haven-seeking capital flows after a brief lapse. More of the same may see the metal break nine-month trend support.

USDCAD has made a trip back to range resistance ahead of the Bank of Canada's interest rate decision on the calendar for tomorrow.

The April Canada jobs report (detailing the employment change and unemployment rate) is due on Friday, May 10 at 12:30 GMT.

The commodity currencies are showing increasing strength in recent days, in line with global equity markets continuing their surge higher.

The USD/CAD exchange rate is clouded with mixed signals ahead of Canadas Employment report as the RSI snaps the bullish formation from earlier this year.

Markets are expecting the Canadian labor market to cool off after exceptionally strong gains in January and February.

USDCADs daily move is already its largest down day since February 22.

With Crude Oil prices rising by 18.5% in January, there was likely a positive impact on Canadian growth.