USDCAD on Wednesday dropped -0.12% to 1.34610. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.12%	-16.1 Pips
Week to-date	-0.64%	-87 Pips
May	-0.63%	-86 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Retail Trade Turnover (1-mth)

What happened lately

USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau
🇺🇸 Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March Census Bureau
🇨🇦 CPI Inflation Rate (12-mth) in April exceed forecast and rose to 4.4% compared to previous figure 4.3% in March Statistics Canada

What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.12% to 1.34610. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34174 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35357 or trades above daily pivot 1.34766. Break above could target R1 at 1.35201. While to the downside, we are looking at 1.34174 (S1) and daily low of 1.34330 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34330 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:

You might be interested in:

New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, March 2023. Statistics Canada
Consumer Price Index, April 2023. Statistics Canada

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