USDCAD on Wednesday dropped -0.15% to 1.34978. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Wednesday-0.15%-20.2 Pips
Week to-date0.12%15.8 Pips
February0.48%64.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇨🇦 Canada CPI Inflation Rate (12-mth) in January dropped to 2.9% compared to previous figure 3.4% in December Source: Statistics Canada

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.15% to 1.34978. 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 1.34792 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35361 or trades above daily pivot 1.35076. Break above could target R1 at 1.35263. While to the downside, we are looking at 1.34792 (S1) and daily low of 1.34890 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34890 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:

Daily Pivot1.35076

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