USDCAD on Wednesday rose 0.5% to 1.37129. What we know.

USDCAD Analysis

Performance after Wednesday
Wednesday0.5%67.9 Pips
Week to-date0.42%57.9 Pips
October1%136 Pips

Upcoming key events (London Time)

Thu 05:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Census Bureau
🇨🇦 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


What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.5% to 1.37129. Price is above 9-Day EMA while Stochastic is rising.

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 1.37485 with break above could target R2 at 1.3784 or figure level area. While towards the downside, we are looking at daily low of 1.36130 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37163 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 0.42% over the past few days.

Key levels to watch out:

Daily Pivot1.36807

You might be interested in:

New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
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

Leave a comment

Your email address will not be published. Required fields are marked *