USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.46% | 60.7 Pips |  |
||
| Week to-date | 0.54% | 71.7 Pips |  |
||
| June | -2.34% | -317.1 Pips |  |
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Upcoming key events (London Time)
Thu 07:30 AM USD Federal Reserve Chair Jerome Powell speech Thu 01:30 PM USD GDP Annualized
What happened lately
🇺🇸 U.S. New Residential Sales (1-mth) in May exceed forecast and rose to 0.763M compared to previous figure 0.68, revised from 0.683M in April Census Bureau 🇺🇸 U.S. Housing Price Index (1-mth) in April exceed forecast and rose to 0.7% compared to previous figure 0.5, revised from 0.6% in March 🇺🇸 U.S. Durable Goods Orders excluding Transportation in May rose to 0.6% compared to previous figure -0.6% (revised from -0.2%) Census Bureau
🇨🇦 Canada CPI Inflation Rate (12-mth) in May dropped to 3.4% compared to previous figure 4.4% in April Statistics Canada
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.46% to 1.32527. Price is above 9-Day EMA while Stochastic is rising in oversold 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 R1 at 1.32908 with break above could target R2 at 1.33289 or figure level area. While towards the downside, we are looking at daily low of 1.31860 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.32765 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 | 1.33813 |
| R2 | 1.33289 |
| R1 | 1.32908 |
| Daily Pivot | 1.32384 |
| S1 | 1.32003 |
| S2 | 1.31479 |
| S3 | 1.31098 |
You might be interested in:
Advance Retail Inventories. Census Bureau Advance U.S. International Trade in Goods. Census Bureau Advance Wholesale Inventories. Census Bureau New Home Sales. Census Bureau Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Consumer Price Index, May 2023. Statistics Canada Monthly Survey of Manufacturing: Flash estimate, May 2023. Statistics Canada
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