USDCAD on Wednesday dropped -0.09% to 1.36874. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.09%-12.8 Pips
Week to-date-0.22%-30.6 Pips
November-1.34%-185.6 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau
🇨🇦 Canada CPI Inflation Rate (1-mth) in October rose to 0.1% compared to previous figure -0.1% in September Statistics Canada
🇨🇦 Canada Bank of Canada Core Inflation CPI (12-mth) in October below forecast and dropped to 2.7% compared to previous figure 2.8% in September Bank of Canada
🇨🇦 Canada BoC CPI Inflation Rate Core (1-mth) in October below forecast and rose to 0.3% compared to previous figure -0.1% in September Bank of Canada
🇨🇦 Canada CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.1% compared to previous figure 3.8% in September Statistics Canada

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.09% to 1.36874. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36572 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37652 or trades above daily pivot 1.37112. Break above could target R1 at 1.37414. While to the downside, we are looking at 1.36572 (S1) and daily low of 1.36810 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36810 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:

R31.38256
R21.37954
R11.37414
Daily Pivot1.37112
S11.36572
S21.3627
S31.3573

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve
New Housing Price Index, October 2023. Statistics Canada
Consumer Price Index, October 2023. Statistics Canada

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