USDCAD on Tuesday dropped -0.01% to 1.33909. Pair in consolidation. What we know.
USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.01% | -1.6 Pips |  | ||
| Week to-date | 0.21% | 28 Pips |  | ||
| April | -0.9% | -122 Pips | | ||
Upcoming key events (London Time)
No major events for the day.
What happened lately
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Census Bureau
🇨🇦 CPI Inflation Rate (12-mth) in March dropped to 4.3% compared to previous figure 5.2% in February Statistics Canada
What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.01% to 1.33909. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.33648 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.33993 or trades above daily pivot 1.33821. Break above could target R1 at 1.34081. While to the downside, we are looking at 1.33648 (S1) and daily low of 1.33560 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.33560 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.34514 |
| R2 | 1.34254 |
| R1 | 1.34081 |
| Daily Pivot | 1.33821 |
| S1 | 1.33648 |
| S2 | 1.33388 |
| S3 | 1.33215 |
You might be interested in:
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023. Federal Reserve New Residential Construction. Census Bureau Business Formation Statistics. Census Bureau
Consumer Price Index, March 2023. Statistics Canada
#USDCAD Trending on Twitter
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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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