USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.86% | 115.5 Pips |  |
||
| Week to-date | 0.8% | 108.2 Pips | |
||
| February | 0.96% | 129.4 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics 🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics 🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service
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What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.86% to 1.35652. 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 1.3623 with break above could target R2 at 1.36809 or figure level area. While towards the downside, we are looking at daily low of 1.34333 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35860 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 0.8% over the past few days.
Key levels to watch out:
| R3 | 1.37757 |
| R2 | 1.36809 |
| R1 | 1.3623 |
| Daily Pivot | 1.35282 |
| S1 | 1.34703 |
| S2 | 1.33755 |
| S3 | 1.33176 |
