USDCAD on Tuesday rose 0.09% to 1.34760. Pair in consolidation. What we know.
USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.09% | 12.3 Pips |  | ||
| Week to-date | -0.53% | -72 Pips |  | ||
| May | -0.52% | -71 Pips | | ||
Upcoming key events (London Time)
No major events for the day.
What happened lately
🇺🇸 Retail Trade Control Group in April rose to 0.7% compared to previous figure -0.4, revised from -0.3% in March Census Bureau
🇨🇦 CPI Inflation Rate (12-mth) in April exceed forecast and rose to 4.4% compared to previous figure 4.3% in March Statistics Canada
What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.09% to 1.34760. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34201 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.34936 or trades above daily pivot 1.34569. Break above could target R1 at 1.35127. While to the downside, we are looking at 1.34201 (S1) and daily low of 1.34010 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.34936 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 | 1.36053 |
| R2 | 1.35495 |
| R1 | 1.35127 |
| Daily Pivot | 1.34569 |
| S1 | 1.34201 |
| S2 | 1.33643 |
| S3 | 1.33275 |
You might be interested in:
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, March 2023. Statistics Canada Consumer Price Index, April 2023. Statistics Canada
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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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