USDCAD on Monday dropped -0.3% to 1.36141. Why it matters.

USDCAD Analysis

Performance after Monday
Monday-0.3%-40.9 Pips
Week to-date-0.3%-40.9 Pips
October0.27%36.9 Pips

Upcoming key events (London Time)

Tue 01:30 PM USD Monthly Retail Trade (1-mth)
Tue 01:30 PM CAD CPI Inflation Rate (12-mth)

What happened lately

🇺🇸 U.S. New York Empire State Manufacturing Index in October below forecast and dropped to -4.6 points compared to previous figure 1.9 points in September


What can we expect from USDCAD today?

USDCAD on Monday dropped -0.3% to 1.36141. Price is below 9-Day EMA while Stochastic is rising.

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

Looking ahead for the day, immediate support level is at S1 1.35923 with break below could see further selling pressure towards S2 at 1.35705. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36553 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36020 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:

Daily Pivot1.36238

You might be interested in:

Monthly Survey of Manufacturing, August 2023. Statistics Canada

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