USDCAD on Wednesday dropped -0.6% to 1.35100. What we know.

USDCAD on Wednesday dropped -0.6% to 1.35100. What we know.

USDCAD Analysis

Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.6% -81.3 Pips
Week to-date -0.3% -40 Pips
March -0.47% -64.4 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in February dropped to 53.9 compared to previous figure 56.5 in January
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% in December Source: Census Bureau

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.6% to 1.35100. 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 S1 1.34723 with break below could see further selling pressure towards S2 at 1.34347. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35998 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34984 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 1.36751
R2 1.36375
R1 1.35737
Daily Pivot 1.35361
S1 1.34723
S2 1.34347
S3 1.33709

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