USDCAD on Tuesday dropped -0.29% to 1.34000. What we know.

USDCAD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.29%	-39 Pips
Week to-date	-0.16%	-21 Pips
June	-1.26%	-171 Pips

Upcoming key events (London Time)

Wed 03:00 PM CAD Bank of Canada Policy Interest Rate
Wed 03:00 PM CAD Bank of Canada Rate Statement

What happened lately

🇨🇦 Ivey Purchasing Managers Index in May rose to 60.1 compared to previous figure 55.6 in April
🇺🇸 Factory Orders (1-mth) in April exceed forecast and rose to 4% compared to previous figure 0.9% in March Census Bureau

What can we expect from USDCAD today?

USDCAD on Tuesday dropped -0.29% to 1.34000. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for USDCAD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 1.33732 with break below could see further selling pressure towards S2 at 1.33465. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34523 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.33860 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.16%.

Key levels to watch out:

You might be interested in:

Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Building permits, April 2023. Statistics Canada

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