USDCAD on Wednesday rose 0.61% to 1.37670. Bears losing the battle. Things to look out.

USDCAD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.61%	83 Pips
Week to-date	-0.48%	-66 Pips
March	0.84%	115 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.61% to 1.37670. Price is above 9-Day EMA while Stochastic is falling in neutral 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 1.38352 (R1) while on the downside, we are looking at daily low of 1.36595 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38155 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDCAD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

Disclaimer: We do not endorsed nor verified the posts provided by Twitter. This widget is provided to you as a convenience only and is not affiliated with all parties in any way.