USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.13% | -17.5 Pips |  |
||
| Week to-date | -0.38% | -51 Pips | |
||
| January | 1.15% | 152.9 Pips |  |
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Upcoming key events (London Time)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
What happened lately
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics 🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.
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What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.13% to 1.33960. 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 1.33759 with break below could see further selling pressure towards S2 at 1.33557. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34464 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.33910 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.38%.
Key levels to watch out:
| R3 | 1.34867 |
| R2 | 1.34665 |
| R1 | 1.34313 |
| Daily Pivot | 1.34111 |
| S1 | 1.33759 |
| S2 | 1.33557 |
| S3 | 1.33205 |
