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USDCAD on Tuesday rose 0.33% to 1.31940. What we know.

USDCAD on Tuesday rose 0.33% to 1.31940. What we know.

USDCAD Analysis

Performance after Tuesday
Period Pct Chg Momentum
Tuesday 0.33% 43.5 Pips
Week to-date 0.1% 13 Pips
June -2.77% -376.4 Pips

Upcoming key events (London Time)

Wed 02:30 PM USD Federal Reserve Chair Jerome Powell speech
Wed 09:30 PM USD Bank Stress Test Results
Thu 01:30 PM USD GDP Annualized (12-mth)

What happened lately

🇺🇸 U.S. New Residential Sales (1-mth) in May exceed forecast and rose to 0.763M compared to previous figure 0.68, revised from 0.683M in April Census Bureau
🇺🇸 U.S. Housing Price Index (1-mth) in April exceed forecast and rose to 0.7% compared to previous figure 0.5, revised from 0.6% in March
🇺🇸 U.S. Durable Goods Orders excluding Transportation in May rose to 0.6% compared to previous figure -0.6% (revised from -0.2%) Census Bureau
🇨🇦 Canada CPI Inflation Rate (12-mth) in May dropped to 3.4% compared to previous figure 4.4% in April Statistics Canada


USDCAD 4-hour Chart by TradingView

What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.33% to 1.31940. Price is below 9-Day EMA while Stochastic is rising in oversold 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 1.32219 with break above could target R2 at 1.32497 or figure level area. While towards the downside, we are looking at daily low of 1.31120 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.31948 may suggest continuation after recent positive movement.

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

Key levels to watch out:

R3 1.33047
R2 1.32497
R1 1.32219
Daily Pivot 1.31669
S1 1.31391
S2 1.30841
S3 1.30563

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Consumer Price Index, May 2023. Statistics Canada
Monthly Survey of Manufacturing: Flash estimate, May 2023. Statistics Canada

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