USDCAD on Wednesday rose 0.58% to 1.34681. What we know.
USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.58% | 77.2 Pips |  | ||
| Week to-date | 0.8% | 107.1 Pips |  | ||
| April | -0.32% | -42.9 Pips |  | ||
Upcoming key events (London Time)
Thu 04:30 PM CAD Bank of Canada’s Governor Tiff Macklem speech Fri 01:30 PM CAD Retail Trade Turnover (1-mth) | Feb
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 🇨🇦 BoC CPI Inflation Rate Core (1-mth) in March exceed forecast and rose to 0.6% compared to previous figure 0.5% in February Bank of Canada 🇨🇦 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 Wednesday rose 0.58% to 1.34681. 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 1.34986 with break above could target R2 at 1.35291 or figure level area. While towards the downside, we are looking at daily low of 1.33810 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.34703 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.35879 |
| R2 | 1.35291 |
| R1 | 1.34986 |
| Daily Pivot | 1.34398 |
| S1 | 1.34093 |
| S2 | 1.33505 |
| S3 | 1.332 |
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
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