USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.54% | -71.7 Pips |  |
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| Week to-date | -0.3% | -39.7 Pips | |
||
| June | -3.01% | -407.7 Pips |  |
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Upcoming key events (London Time)
Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
What happened lately
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.54% to 1.31583. 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 1.31263 with break below could see further selling pressure towards S2 at 1.30944. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.32456 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.31540 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.3%.
Key levels to watch out:
| R3 | 1.33095 |
| R2 | 1.32776 |
| R1 | 1.32179 |
| Daily Pivot | 1.3186 |
| S1 | 1.31263 |
| S2 | 1.30944 |
| S3 | 1.30347 |
You might be interested in:
Powell, Semiannual Monetary Policy Report to the Congress. Federal Reserve Business Formation Statistics. Census Bureau
New Housing Price Index, May 2023. Statistics Canada Retail trade, April 2023. Statistics Canada New Residential Construction. Census Bureau Consumer Price Index: New basket weights, 2023 update. Statistics Canada
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