USDCAD on Wednesday dropped -0.43% to 1.37691. What we know.

USDCAD on Wednesday dropped -0.43% to 1.37691. What we know.

USDCAD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.43% -58.9 Pips
Week to-date -0.01% -1.9 Pips
April 1.71% 232.1 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇨🇦 Canada CPI Inflation Rate (12-mth) in March rose to 2.9% compared to previous figure 2.8% in February Source: Statistics Canada

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.43% to 1.37691. Price is above 9-Day EMA while Stochastic is falling in overbought 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 1.37368 with break below could see further selling pressure towards S2 at 1.37046. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.38377 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.37550 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 1.39022
R2 1.387
R1 1.38195
Daily Pivot 1.37873
S1 1.37368
S2 1.37046
S3 1.36541

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