USDCAD on Tuesday rose 0.11% to 1.32230. Pair in consolidation. What we know.
|Performance after Tuesday|
|Week to-date||0.19%||25 Pips|
Upcoming key events (London Time)
Wed 01:30 PM CAD Retail Trade Turnover (1-mth)
Wed 03:00 PM USD Federal Reserve Chair Jerome Powell testifies
What happened lately
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Census Bureau
What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.11% to 1.32230. 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 1.31934 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.32697 or trades above daily pivot 1.32316. Break above could target R1 at 1.32611. While to the downside, we are looking at 1.31934 (S1) and daily low of 1.32020 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.32697 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:
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