USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.05%	6.2 Pips
Week to-date	-0.52%	-71.6 Pips
October	0.09%	12.4 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD CPI Inflation Rate (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 U.S. Producer Price Index excluding Food and Energy sectors (12-mth) in September rose to 2.7% compared to previous figure 2.5% (revised from 2.2%)

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.05% to 1.35894. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35637 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36236 or trades above daily pivot 1.35937. Break above could target R1 at 1.36193. While to the downside, we are looking at 1.35637 (S1) and daily low of 1.35680 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36236 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:

You might be interested in:

Minutes of the Federal Open Market Committee, September 19-20, 2023. Federal Reserve
Monthly Wholesale Trade: Sales and Inventories. Census Bureau
Building permits, August 2023. Statistics Canada