USDCAD on Tuesday rose 0.24% to 1.38217. What we know.

USDCAD on Tuesday rose 0.24% to 1.38217. What we know.

USDCAD Analysis

Performance after Tuesday
Period Pct Chg Momentum
Tuesday 0.24% 33.4 Pips
Week to-date 0.37% 50.7 Pips
April 2.1% 284.8 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇨🇦 Canada CPI Inflation Rate (12-mth) in March rose to 2.9% compared to previous figure 2.8% in February Source: Statistics Canada
🇺🇸 U.S. New York Empire State Manufacturing Index in April improved to -14.3 points compared to previous figure -20.9 points in March
🇺🇸 U.S. Monthly Retail Trade (1-mth) in March dropped to 0.7% compared to previous figure 0.9, revised from 0.6% in February Source: Census Bureau

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What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.24% to 1.38217. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.38549 with break above could target R2 at 1.38882 or figure level area. While towards the downside, we are looking at daily low of 1.37700 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38457 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.37% over the past few days.

Key levels to watch out:

R3 1.39306
R2 1.38882
R1 1.38549
Daily Pivot 1.38125
S1 1.37792
S2 1.37368
S3 1.37035

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