USDCAD on Wednesday dropped -0.07% to 1.33740. Pair in consolidation. What we know.
USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.07% | -9.7 Pips |  | ||
| Week to-date | 0.02% | 3 Pips |  | ||
| May | -1.28% | -173 Pips | | ||
Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics
What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.07% to 1.33740. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.33318 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.34147 or trades above daily pivot 1.33732. Break above could target R1 at 1.34155. While to the downside, we are looking at 1.33318 (S1) and daily low of 1.33310 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.33310 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 | 1.34992 |
| R2 | 1.34569 |
| R1 | 1.34155 |
| Daily Pivot | 1.33732 |
| S1 | 1.33318 |
| S2 | 1.32895 |
| S3 | 1.32481 |
You might be interested in:
In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Building permits, March 2023. Statistics Canada Monthly Wholesale Trade: Sales and Inventories. Census Bureau
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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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