USDCAD on Tuesday rose 0.25% to 1.34946. What we know.

USDCAD Analysis

Performance after Tuesday
Tuesday0.25%33 Pips
Week to-date0.42%56.6 Pips
August2.35%309.3 Pips

Upcoming key events (London Time)

Wed 07:00 PM USD FOMC Meeting Minutes

What happened lately

🇺🇸 U.S. Retail Trade Control Group in July rose to 1% compared to previous figure 0.5% (revised from 0.6%) Census Bureau
🇨🇦 Canada CPI Inflation Rate (12-mth) in July exceed forecast and rose to 3.3% compared to previous figure 2.8% in June Statistics Canada

USDCAD 4-hour Chart by TradingView

What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.25% to 1.34946. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Tuesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.35188 with break above could target R2 at 1.3543 or figure level area. While towards the downside, we are looking at daily low of 1.34360 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35016 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:

Daily Pivot1.34774

You might be interested in:

Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, June 2023. Statistics Canada
Consumer Price Index, July 2023. Statistics Canada

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