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USDCAD on Wednesday dropped -0.07% to 1.33740. Pair in consolidation. What we know.

USDCAD on Wednesday dropped -0.07% to 1.33740. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.07% -9.7 Pips
Week to-date 0.02% 3 Pips
May -1.28% -173 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics


USDCAD 4-hour Chart by TradingView

What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.07% to 1.33740. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.33318 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.34147 or trades above daily pivot 1.33732. Break above could target R1 at 1.34155. While to the downside, we are looking at 1.33318 (S1) and daily low of 1.33310 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.33310 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:

R3 1.34992
R2 1.34569
R1 1.34155
Daily Pivot 1.33732
S1 1.33318
S2 1.32895
S3 1.32481

You might be interested in:

In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Building permits, March 2023. Statistics Canada
Monthly Wholesale Trade: Sales and Inventories. Census Bureau

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