USDCAD on Wednesday dropped -0.14% to 1.34714. What we know.

USDCAD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.14%-19.2 Pips
Week to-date-0.1%-13.1 Pips
March-0.75%-102.3 Pips

Upcoming key events (London Time)

Thu 12:30 PM USD PPI excluding Food and Energy sectors (12-mth)
Thu 12:30 PM USD Monthly Retail Trade (1-mth)

What happened lately

🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.14% to 1.34714. Price is below 9-Day EMA while Stochastic is rising.

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 1.34508 with break below could see further selling pressure towards S2 at 1.34303. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34983 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34540 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:

R31.35394
R21.35189
R11.34951
Daily Pivot1.34746
S11.34508
S21.34303
S31.34065

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