USDCAD on Wednesday dropped -0.17% to 1.35403. Pair in consolidation. Why it matters.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.17%	-22.9 Pips
Week to-date	0.62%	83.3 Pips
February	0.79%	106.5 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Monthly Retail Trade (1-mth)
Fri 01:30 PM USD PPI excluding Food and Energy sectors (12-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

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.17% to 1.35403. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35202 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35720 or trades above daily pivot 1.35461. Break above could target R1 at 1.35662. While to the downside, we are looking at 1.35202 (S1) and daily low of 1.35260 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.35260 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: