USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.38% | -52.4 Pips |  |
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| Week to-date | -0.51% | -69.4 Pips | |
||
| May | -1.26% | -173.2 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
🇺🇸 U.S. Retail Trade Control Group in April dropped to -0.3% compared to previous figure 1, revised from 1.1% in March Source: Census Bureau 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics 🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April 🇺🇸 U.S. Producer Price Index (12-mth) in April rose to 2.2% compared to previous figure 1.8, revised from 2.1% in March 🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
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What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.38% to 1.35976. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.35695 with break below could see further selling pressure towards S2 at 1.35414. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36607 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35870 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.51%.
Key levels to watch out:
| R3 | 1.37169 |
| R2 | 1.36888 |
| R1 | 1.36432 |
| Daily Pivot | 1.36151 |
| S1 | 1.35695 |
| S2 | 1.35414 |
| S3 | 1.34958 |
