USDCAD on Wednesday dropped -0.25% to 1.34583. What we know.

USDCAD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.25%-33.3 Pips
Week to-date0%0.3 Pips
February0.18%24.7 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Net Change in Employment

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 Wednesday dropped -0.25% to 1.34583. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 1.34414 with break below could see further selling pressure towards S2 at 1.34246. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34923 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34500 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:

R31.3526
R21.35092
R11.34837
Daily Pivot1.34669
S11.34414
S21.34246
S31.33991

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