USDCAD on Wednesday rose 0.11% to 1.37246. Pair in consolidation. What we know.
USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.11% | 15.2 Pips |  | ||
| Week to-date | -0.02% | -2.4 Pips | | ||
| March | 0.58% | 79.8 Pips |  | ||
Upcoming key events (London Time)
Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods excluding Aircraft
Fri 12:30 PM CAD Retail Sales (1-mth)
What happened lately
📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source 📆 🇨🇦 CAD Consumer Price Index – Core (1-mth) in February rose to 0.3% compared to previous figure 0.1% in January. Source
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.11% to 1.37246. Price is neutral near 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36703 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37442 or trades above daily pivot 1.37073. While to the downside, the daily low of 1.36530 and 1.36703 (S1) as immediate support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37442 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:
| R3 | 1.38527 |
| R2 | 1.37985 |
| R1 | 1.37615 |
| Daily Pivot | 1.37073 |
| S1 | 1.36703 |
| S2 | 1.36161 |
| S3 | 1.35791 |
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https://youtu.be/sH-DbpXM6X0
The USD/CAD has gone back and forth during the trading week as we continue to see the 1.38 level offer resistance. If the market can break above there, then it’s possible that we could go looking to the 1.40 level #USDCAD #globalmarkets #fx #trading
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