USDCAD on Thursday dropped -0.19% to 1.34791. What is going on.

USDCAD on Thursday dropped -0.19% to 1.34791. What is going on.

USDCAD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.19% -26 Pips
Week to-date -0.02% -2.9 Pips
February 0.34% 45.8 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇨🇦 Canada Retail Trade excluding Automobile (1-mth) in December rose to 0.6% compared to previous figure -0.4, revised from -0.5% in November Source: Statistics Canada

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What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.19% to 1.34791. Price is below 9-Day EMA while Stochastic is rising.

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

Looking ahead for the day, immediate support level is at S1 1.34409 with break below could see further selling pressure towards S2 at 1.34027. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35075 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34360 would indicate selling pressure.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

R3 1.35839
R2 1.35457
R1 1.35124
Daily Pivot 1.34742
S1 1.34409
S2 1.34027
S3 1.33694

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