USDCAD on Tuesday rose 0.32% to 1.38670. End October up by 2.16% or 293.4 pips higher. Pair in consolidation. What we know.
|Performance after Tuesday|
|Week to-date||-0.02%||-3.1 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
Wed 08:15 PM CAD Bank of Canada’s Governor Tiff Macklem speech
What happened lately
🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2
🇨🇦 Canada GDP (1-mth) in August unchanged at 0% compared to previous report in July. Statistics Canada
What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.32% to 1.38670. 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 1.38199 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.38922 or trades above daily pivot 1.38561. Break above could target R1 at 1.39031. While to the downside, we are looking at 1.38199 (S1) and daily low of 1.38090 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.38922 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
USDCAD ended month of October trading session up by 2.16% or 293.4 pips higher.
Key levels to watch out:
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Gross domestic product by industry, August 2023. Statistics Canada