USDCAD on Thursday dropped -0.13% to 1.37070. Pair in consolidation. What we know.

USDCAD on Thursday dropped -0.13% to 1.37070. Pair in consolidation. What we know.

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

๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ 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
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡บ๐Ÿ‡ธ USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source
๐Ÿ“† ๐Ÿ‡จ๐Ÿ‡ฆ CAD Consumer Price Index – Core (1-mth) in February rose to 0.3% compared to previous figure 0.1% in January. Source

USDCAD Chart by TradingView

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:

U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
New Housing Price Index, February 2023 Source: Statistics Canada
Consumer Price Index, February 2023 Source: Statistics Canada

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