USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.47%	64.6 Pips
Week to-date	0.7%	95.4 Pips
October	1.68%	227.6 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD GDP Annualized
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Bank of Canada

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.47% to 1.38042. 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 1.3834 with break above could target R2 at 1.38638 or figure level area. While towards the downside, we are looking at daily low of 1.37260 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38098 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 0.7% over the past few days.

Key levels to watch out:

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