USDCAD on Wednesday rose 0.13% to 1.33290. Pair in consolidation. What we know.
USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.13% | 16.9 Pips |  | ||
| Week to-date | -0.09% | -12 Pips |  | ||
| June | -1.78% | -241 Pips | | ||
Upcoming key events (London Time)
Thu 01:30 PM USD Monthly Retail Trade (1-mth) Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. Interest Rate Projections rose to 5.6% compared to previous rate 5.1% 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.25% compared to previous rate 5.25% Federal Reserve 🇺🇸 U.S. Interest Rate Projections – Longer unchanged at 2.5% compared to previous rate 2.5% 🇺🇸 U.S. Interest Rate Projections – 1st year rose to 4.6% compared to previous rate 4.3% 🇺🇸 U.S. Interest Rate Projections – 2nd year rose to 3.4% compared to previous rate 3.1% 🇺🇸 U.S. CPI Inflation Rate (12-mth) in May below forecast and dropped to 4% compared to previous figure 4.9% in April Bureau of Labor Statistics
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.13% to 1.33290. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.32796 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.33531 or trades above daily pivot 1.33164. Break above could target R1 at 1.33657. While to the downside, we are looking at 1.32796 (S1) and daily low of 1.32670 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.33531 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 | 1.34518 |
| R2 | 1.34025 |
| R1 | 1.33657 |
| Daily Pivot | 1.33164 |
| S1 | 1.32796 |
| S2 | 1.32303 |
| S3 | 1.31935 |
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Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC meeting. Federal Reserve Federal Reserve issues FOMC statement. Federal Reserve CPI for all items rises 0.1% in May; shelter and used cars and trucks up. Bureau of Labor Statistics
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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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