USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.46% | 62.3 Pips |  |
||
| Week to-date | 0.64% | 85.8 Pips | |
||
| January | 1.86% | 246.8 Pips |  |
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Wed 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇨🇦 Canada CPI Inflation Rate (12-mth) in December rose to 3.4% compared to previous figure 3.1% in November Source: Statistics Canada
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What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.46% to 1.34890. Price is above 9-Day EMA while Stochastic is rising.
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 1.3517 with break above could target R2 at 1.3545 or figure level area. While towards the downside, we are looking at daily low of 1.34310 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35020 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 0.64% over the past few days.
Key levels to watch out:
| R3 | 1.3588 |
| R2 | 1.3545 |
| R1 | 1.3517 |
| Daily Pivot | 1.3474 |
| S1 | 1.3446 |
| S2 | 1.3403 |
| S3 | 1.3375 |
