USDCAD on Wednesday rose 0.36% to 1.35754. What we know.

USDCAD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday0.36%48.2 Pips
Week to-date0.53%71.4 Pips
February1.06%141.8 Pips

Upcoming key events (London Time)

Thu 01:30 PM CAD GDP (12-mth)
Thu 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth)

What happened lately

🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇨🇦 Canada Current Account in Q4 improved to -1.62B compared to previous figure -4.74, revised from -3.22B in Q3 Source: Statistics Canada
🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau

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What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.36% to 1.35754. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.36133 with break above could target R2 at 1.36511 or figure level area. While towards the downside, we are looking at daily low of 1.35230 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36060 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.53% over the past few days.

Key levels to watch out:

R31.36963
R21.36511
R11.36133
Daily Pivot1.35681
S11.35303
S21.34851
S31.34473

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