USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.05% | -7.1 Pips |  |
||
| Week to-date | 0.18% | 25 Pips |  |
||
| July | -0.01% | -1.7 Pips | |
||
Upcoming key events (London Time)
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What happened lately
🇨🇦 Canada CPI Inflation Rate (12-mth) in June dropped to 2.7% compared to previous figure 2.9% in May Source: Statistics Canada
🇺🇸 U.S. Retail Trade Control Group in June rose to 0.9% compared to previous figure 0.4% in May Source: Census Bureau
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What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.05% to 1.36710. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36534 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37078 or trades above daily pivot 1.36806. Break above could target R1 at 1.36982. While to the downside, we are looking at 1.36534 (S1) and daily low of 1.36630 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36630 would indicate selling pressure.
For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.18% over the past few days.
Key levels to watch out:
| R3 | 1.3743 |
| R2 | 1.37254 |
| R1 | 1.36982 |
| Daily Pivot | 1.36806 |
| S1 | 1.36534 |
| S2 | 1.36358 |
| S3 | 1.36086 |
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