USDCAD on Monday dropped -0.32% to 1.38253. Pair in consolidation. What is going on.
|Performance after Monday|
|Week to-date||-0.32%||-44.8 Pips|
Upcoming key events (London Time)
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
What happened lately
No major activities.
What can we expect from USDCAD today?
USDCAD on Monday dropped -0.32% to 1.38253. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.38003 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.38696 or trades above daily pivot 1.3835. Break above could target R1 at 1.38599. While to the downside, we are looking at 1.38003 (S1) and daily low of 1.38100 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.38100 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:
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No major reports.