USDCAD on Wednesday dropped 0% to 1.36786. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0%	-0.2 Pips
Week to-date	0.24%	32.6 Pips
July	0.04%	5.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
🇨🇦 Canada CPI Inflation Rate (12-mth) in June dropped to 2.7% compared to previous figure 2.9% in May Source: Statistics Canada

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped 0% to 1.36786. 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 1.36533 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37014 or trades above daily pivot 1.36773. Break above could target R1 at 1.37027. While to the downside, we are looking at 1.36533 (S1) and daily low of 1.36520 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36520 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 0.24% over the past few days.

Key levels to watch out:

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