USDCAD on Tuesday dropped -0.19% to 1.36982. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.19%	-25.5 Pips
Week to-date	-0.14%	-19.8 Pips
November	-1.25%	-173.3 Pips

Upcoming key events (London Time)

Wed 04:30 PM CAD Bank of Canada’s Governor Tiff Macklem speech

What happened lately

🇨🇦 Canada CPI Inflation Rate (1-mth) in October rose to 0.1% compared to previous figure -0.1% in September Statistics Canada
🇨🇦 Canada Bank of Canada Core Inflation CPI (12-mth) in October below forecast and dropped to 2.7% compared to previous figure 2.8% in September Bank of Canada
🇨🇦 Canada BoC CPI Inflation Rate Core (1-mth) in October below forecast and rose to 0.3% compared to previous figure -0.1% in September Bank of Canada
🇨🇦 Canada CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.1% compared to previous figure 3.8% in September Statistics Canada

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Tweets by Statistics Canada

What can we expect from USDCAD today?

USDCAD on Tuesday dropped -0.19% to 1.36982. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36725 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37310 or trades above daily pivot 1.37017. Break above could target R1 at 1.37275. While to the downside, we are looking at 1.36725 (S1) and daily low of 1.36760 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36760 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:

You might be interested in:

Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve
New Housing Price Index, October 2023. Statistics Canada
Consumer Price Index, October 2023. Statistics Canada