USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.2% | -26.4 Pips |  |
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| Week to-date | -0.36% | -48.5 Pips | |
||
| June | -1.46% | -197.5 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment Fri 01:30 PM CAD Unemployment Rate
What happened lately
🇨🇦 Bank of Canada Policy Interest Rate exceed forecast and rose to 4.75% compared to previous rate 4.5% Bank of Canada
🇺🇸 U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$) 🇨🇦 Ivey Purchasing Managers Index in May rose to 60.1 compared to previous figure 55.6 in April
What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.2% to 1.33725. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.3318 with break below could see further selling pressure towards S2 at 1.32635. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34270 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.33180 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.36%.
Key levels to watch out:
| R3 | 1.3536 |
| R2 | 1.34815 |
| R1 | 1.3427 |
| Daily Pivot | 1.33725 |
| S1 | 1.3318 |
| S2 | 1.32635 |
| S3 | 1.3209 |
You might be interested in:
Bank of Canada raises policy rate 25 basis points, continues quantitative tightening. Bank of Canada
U.S. International Trade in Goods and Services. Census Bureau Quarterly Financial Report. Census Bureau Quarterly Financial Report – Retail. Census Bureau Canadian international trade in services, April 2023. Statistics Canada Manufacturers’ Shipments, Inventories, and Orders. Census Bureau Building permits, April 2023. Statistics Canada
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