USDCAD on Monday dropped -0.66% to 1.37330. Looking bearish. What we know.

USDCAD on Monday dropped -0.66% to 1.37330. Looking bearish. What we know.

Open High Low Close
1.38600 1.38600 1.36780 1.37330

Performance after Monday
Period Pct Chg Momentum
Monday -0.66% -91.8 Pips
Week to-date -0.66% -91.8 Pips
March 0.73% 99 Pips

Upcoming key events (London Time)

Tue 12:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group

What happened lately

No major activities.

What can we expect from USDCAD today?

USDCAD on Monday dropped -0.66% to 1.37330. Price is above 9-Day EMA while Stochastic is falling but in overbought 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 1.3654 (S1) with break below could see further selling pressure towards 1.3575 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.38600 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36780 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 1.4018
R2 1.3939
R1 1.3836
Daily Pivot 1.3757
S1 1.3654
S2 1.3575
S3 1.3472

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