USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.04% | -5 Pips |  |
||
| Week to-date | -0.49% | -66.2 Pips | |
||
| April | -0.64% | -86.3 Pips |  |
||
Upcoming key events (London Time)
Thu 01:30 PM CAD Net Change in Employment | Mar Thu 01:30 PM CAD Unemployment Rate | Mar
What happened lately
📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. 📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. 📆 🇨🇦 CAD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 48.6 points compared to previous figure 52.4 points in February.
What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.04% to 1.34287. Price is below 9-Day EMA while Stochastic is in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34199 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.34476 or trades above daily pivot 1.34338. Break above could target R1 at 1.34425. While to the downside, we are looking at 1.34199 (S1) and daily low of 1.34250 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34250 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.34651 |
| R2 | 1.34564 |
| R1 | 1.34425 |
| Daily Pivot | 1.34338 |
| S1 | 1.34199 |
| S2 | 1.34112 |
| S3 | 1.33973 |
You might be interested in:
February job openings and layoffs and discharges decrease; quits edge up. Bureau of Labor Statistics Publications Construction Spending. Census Bureau
Building permits, February 2023. Statistics Canada Business Outlook Survey—First Quarter of 2023. Bank of Canada
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