USDCAD on Monday dropped -0.59% to 1.34311. What is going on.

USDCAD Analysis

Performance after Monday
Period	Pct	Chg	Momentum
Monday	-0.59%	-79.9 Pips
Week to-date	-0.59%	-79.9 Pips
April	-0.59%	-79.6 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

📆 🇺🇸 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. Source:
📆 🇨🇦 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. Source:

What can we expect from USDCAD today?

USDCAD on Monday dropped -0.59% to 1.34311. Price is below 9-Day EMA while Stochastic is in oversold 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 1.338 (S1) with break below could see further selling pressure towards 1.33288 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35363 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34070 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.59%.

Key levels to watch out:

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Payroll employment rises by 311,000 in February; unemployment rate edges up to 3.6% Source: Bureau of Labor Statistics Publications

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