USDCAD on Tuesday rose 0.32% to 1.36484. Pair in consolidation. What happened.

USDCAD Analysis

Performance after Tuesday
Tuesday0.32%43.3 Pips
Week to-date-0.05%-6.6 Pips
October0.52%71.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇨🇦 Canada BoC CPI Inflation Rate Core (1-mth) in September below forecast and dropped to -0.1% compared to previous figure 0.1% in August Bank of Canada
🇺🇸 U.S. Monthly Retail Trade (1-mth) in September exceed forecast and dropped to 0.7% compared to previous figure 0.8, revised from 0.6% in August Census Bureau
🇺🇸 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 Tuesday rose 0.32% to 1.36484. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36013 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37028 or trades above daily pivot 1.36521. Break above could target R1 at 1.36991. While to the downside, we are looking at 1.36013 (S1) and daily low of 1.36050 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37028 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 Pivot1.36521

You might be interested in:

Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023. Federal Reserve
Advance Monthly Sales for Retail and Food Services. Census Bureau
Business Formation Statistics. Census Bureau
Consumer Price Index, September 2023. Statistics Canada
Business Outlook Survey—Third Quarter of 2023. Bank of Canada
Monthly Survey of Manufacturing, August 2023. Statistics Canada

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