USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.13% | -18.1 Pips |  |
||
| Week to-date | 0.04% | 5.7 Pips | |
||
| March | 0.64% | 87.1 Pips |  |
||
Upcoming key events (London Time)
Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft
Fri 12:30 PM CAD Retail Sales (1-mth)
What happened lately
📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source 📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source 📆 🇨🇦 CAD Consumer Price Index – Core (1-mth) in February rose to 0.3% compared to previous figure 0.1% in January. Source
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.13% to 1.37070. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.3645 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37331 or trades above daily pivot 1.3689. While to the downside, the daily low of 1.36270 and 1.3645 (S1) as immediate support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36270 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 | 1.38572 |
| R2 | 1.37951 |
| R1 | 1.37511 |
| Daily Pivot | 1.3689 |
| S1 | 1.3645 |
| S2 | 1.35829 |
| S3 | 1.35389 |
You might be interested in:
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New Housing Price Index, February 2023 Source: Statistics Canada Consumer Price Index, February 2023 Source: Statistics Canada
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