USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.27%	36.7 Pips
Week to-date	0.71%	94.8 Pips
August	2.64%	347.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in July exceed forecast and rose to 0.7% compared to previous figure 0.2% in June Census Bureau
🇺🇸 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

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.27% to 1.35328. 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 Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.35615 with break above could target R2 at 1.35903 or figure level area. While towards the downside, we are looking at daily low of 1.34710 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35450 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.71% over the past few days.

Key levels to watch out:

You might be interested in:

Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
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