USDCAD on Wednesday rose 0.34% to 1.37063. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.34%	46.3 Pips
Week to-date	-0.28%	-38.7 Pips
April	1.25%	169 Pips

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 Retail Trade excluding Automobile (1-mth) in February dropped to -0.3% compared to previous figure 0.4, revised from 0.5% in January Source: Statistics Canada
🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau

Latest from X (Twitter)

Tweets by Statistics Canada

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.34% to 1.37063. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36613 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37288 or trades above daily pivot 1.3695. Break above could target R1 at 1.37401. While to the downside, we are looking at 1.36613 (S1) and daily low of 1.36500 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37288 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.28%.

Key levels to watch out: