USDCAD on Monday dropped -0.46% to 1.36642. What is going on.

USDCAD on Monday dropped -0.46% to 1.36642. What is going on.

Open High Low Close
1.37129 1.37469 1.36480 1.36642

Performance after Monday
Period Pct Chg Momentum
Monday -0.46% -62.8 Pips
Week to-date -0.22% -30.4 Pips
March 0.14% 19.5 Pips

Upcoming key events (London Time)

Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:30 PM USD FOMC Press Conference

What happened lately

No major activities.

What can we expect from USDCAD today?

USDCAD on Monday dropped -0.46% to 1.36642. Price is below 9-Day EMA while Stochastic is falling in neutral zone.

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

Looking ahead for the day, immediate support level is at 1.36258 (S1) with break below could see further selling pressure towards 1.35875 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.37469 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36480 would indicate selling pressure.

For the week to-date, take note that USDCAD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.38236
R2 1.37853
R1 1.37247
Daily Pivot 1.36864
S1 1.36258
S2 1.35875
S3 1.35269

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