USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.23% | -31.9 Pips |  |
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| Week to-date | -1.34% | -184.3 Pips | |
||
| March | -0.64% | -87 Pips | |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP Annualized | Q4
What happened lately
📆 🇺🇸 USD Pending Home Sales (1-mth) | Feb in February exceed forecast and dropped to 0.8% compared to previous figure 8.1% in January. Source
What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.23% to 1.35597. Price is below 9-Day EMA while Stochastic is falling.
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 1.35356 (S1) with break below could see further selling pressure towards 1.35116 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36165 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35520 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -1.34%.
Key levels to watch out:
| R3 | 1.36646 |
| R2 | 1.36406 |
| R1 | 1.36001 |
| Daily Pivot | 1.35761 |
| S1 | 1.35356 |
| S2 | 1.35116 |
| S3 | 1.34711 |
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