USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.11% | -14.6 Pips |  |
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| Week to-date | -0.1% | -14.1 Pips |  |
||
| May | -0.85% | -117.6 Pips | |
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Upcoming key events (London Time)
Wed 01:30 PM USD CPI Inflation Rate (12-mth) Wed 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇺🇸 U.S. Producer Price Index (1-mth) in April rose to 0.5% compared to previous figure -0.1, revised from 0.2% in March
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What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.11% to 1.36529. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 1.36245 with break below could see further selling pressure towards S2 at 1.35961. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36903 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36290 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 | 1.37471 |
| R2 | 1.37187 |
| R1 | 1.36858 |
| Daily Pivot | 1.36574 |
| S1 | 1.36245 |
| S2 | 1.35961 |
| S3 | 1.35632 |
