USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.85% | 115.3 Pips |  |
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| Week to-date | 0.74% | 100.3 Pips | |
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| April | 1.1% | 148.3 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD PPI excluding Food and Energy sectors (12-mth) Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada
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What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.85% to 1.36853. Price is above 9-Day EMA while Stochastic is rising.
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 1.37415 with break above could target R2 at 1.37978 or figure level area. While towards the downside, we are looking at daily low of 1.35510 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37025 may suggest continuation 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 0.74% over the past few days.
Key levels to watch out:
| R3 | 1.3893 |
| R2 | 1.37978 |
| R1 | 1.37415 |
| Daily Pivot | 1.36463 |
| S1 | 1.359 |
| S2 | 1.34948 |
| S3 | 1.34385 |
