USDCAD Analysis

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	-0.39%	-52.4 Pips
Week to-date	-0.35%	-46 Pips
July	-0.12%	-15.6 Pips

Upcoming key events (London Time)

Wed 01:30 PM USD CPI Inflation Rate (1-mth)
Wed 01:30 PM USD CPI Inflation Rate (12-mth)
Wed 01:30 PM USD CPI Inflation Rate excluding Food and Energy sectors (1-mth)
Wed 01:30 PM USD CPI Inflation Rate excluding Food and Energy sectors (12-mth)
Wed 03:00 PM CAD Bank of Canada Monetary Policy Report
Wed 03:00 PM CAD Bank of Canada Policy Interest Rate
Wed 03:00 PM CAD Bank of Canada Rate Statement
Wed 04:00 PM CAD Bank of Canada Press Conference
Thu 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)

What happened lately

No major activities.

What can we expect from USDCAD today?

USDCAD on Tuesday dropped -0.39% to 1.32250. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks bearish as the pair posted lower in Tuesday trading session.

Looking ahead for the day, immediate support level is at S1 1.31995 with break below could see further selling pressure towards S2 at 1.31741. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.32894 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.32190 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:

You might be interested in:

Monthly Wholesale Trade: Sales and Inventories. Census Bureau
New Foreign Direct Investment in the United States, 2022. Bureau of Economic Analysis
Building permits, May 2023. Statistics Canada