USDCAD on Tuesday dropped -0.8% to 1.36935. What we know.

USDCAD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.8%	-110 Pips
Week to-date	-0.75%	-103.6 Pips
November	-1.28%	-178.2 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Wed 01:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in October below forecast and dropped to 0.2% compared to previous figure 0.3% in September Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.2% compared to previous figure 3.7% in September Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in October below forecast and dropped to 0% compared to previous figure 0.4% in September Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in October below forecast and dropped to 4% compared to previous figure 4.1% in September Bureau of Labor Statistics

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What can we expect from USDCAD today?

USDCAD on Tuesday dropped -0.8% to 1.36935. Price is below 9-Day EMA while Stochastic is falling.

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 1.36346 with break below could see further selling pressure towards S2 at 1.35757. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.38432 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36800 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:

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