USDCAD on Monday rose 0.35% to 1.35381. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Monday
Monday0.35%47.1 Pips
Week to-date0.35%47.1 Pips
December-0.17%-22.9 Pips

Upcoming key events (London Time)

Tue 03:00 PM USD ISM Services PMI
Wed 03:00 PM CAD Bank of Canada Policy Interest Rate
Wed 03:00 PM CAD Bank of Canada Rate Statement

What happened lately

🇺🇸 U.S. Factory Orders (1-mth) in October exceed forecast and dropped to -3.6% compared to previous figure 2.3, revised from 2.8% in September Source: Census Bureau

Latest from X (Twitter)

What can we expect from USDCAD today?

USDCAD on Monday rose 0.35% to 1.35381. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34934 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35620 or trades above daily pivot 1.35277. Break above could target R1 at 1.35724. While to the downside, we are looking at 1.34934 (S1) and daily low of 1.34830 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35620 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

Daily Pivot1.35277

Leave a comment

Your email address will not be published.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