USDCAD on Wednesday rose 0.33% to 1.3798. Bullish momentum. What you need to know.

USDCAD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.33%	45.1 Pips
Week to-date	1.52%	206.8 Pips
March	1.49%	202.2 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM CAD Employment Change
Fri 01:30 PM CAD Unemployment Rate
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

📆 ☢️ 🇨🇦 CAD Bank of Canada Policy Interest Rate unchanged at 4.5% compared to previous rate 4.5%. Source
📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source
📆 🇨🇦 CAD Ivey Purchasing Managers Index seasonal adjusted in February below forecast and dropped to 51.6 compared to previous figure 60.1 in January. Source

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.33% to 1.3798. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.38281 (R1) while on the downside, we are looking at daily low of 1.3741 as an important support. Break below this level could weaken the current bullish momentum. USDCAD need to break on either side to indicate a short-term bias. A break above 1.3815 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 1.52% over the past few days.

Key levels to watch out: