USDCAD on Wednesday rose 0.18% to 1.38066. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.18%	24.2 Pips
Week to-date	0.73%	99.6 Pips
July	0.98%	133.9 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP annual rate
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.
🇨🇦 Canada Bank of Canada Policy Interest Rate dropped to 4.5% compared to previous rate 4.75% Source: Bank of Canada

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What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.18% to 1.38066. 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 1.38243 with break above could target R2 at 1.38421 or figure level area. While towards the downside, we are looking at daily low of 1.37730 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38164 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 0.73% over the past few days.

Key levels to watch out:

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