USDCAD on Tuesday dropped -0.39% to 1.34864. Pair in consolidation. What is going on.

USDCAD Analysis

Performance after Tuesday
Tuesday-0.39%-53.2 Pips
Week to-date0.22%29.5 Pips
February0.4%53.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in January rose to 56.5 compared to previous figure 56.3 in December

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What can we expect from USDCAD today?

USDCAD on Tuesday dropped -0.39% to 1.34864. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34576 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35440 or trades above daily pivot 1.35008. Break above could target R1 at 1.35296. While to the downside, we are looking at 1.34576 (S1) and daily low of 1.34720 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34720 would indicate selling pressure.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.22% over the past few days.

Key levels to watch out:

Daily Pivot1.35008

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