USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.2% | 26.2 Pips |  |
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| Week to-date | -0.14% | -18.7 Pips |  |
||
| December | -1.48% | -200.4 Pips | |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
What happened lately
🇨🇦 Canada CPI Inflation Rate (12-mth) in November unchanged at 3.1% compared to previous report in October. Source: Statistics Canada 🇺🇸 U.S. Housing Starts (1-mth) in November exceed forecast and rose to 1.56M compared to previous figure 1.359, revised from 1.372M in October Source: Census Bureau 🇺🇸 U.S. Building Permits (1-mth) in November below forecast and dropped to 1.46M compared to previous figure 1.498, revised from 1.487M in October Source: Census Bureau
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What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.2% to 1.33580. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.33197 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.33710 or trades above daily pivot 1.33453. Break above could target R1 at 1.33837. While to the downside, we are looking at 1.33197 (S1) and daily low of 1.33070 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.33710 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.34477 |
| R2 | 1.34093 |
| R1 | 1.33837 |
| Daily Pivot | 1.33453 |
| S1 | 1.33197 |
| S2 | 1.32813 |
| S3 | 1.32557 |
