USDCAD on Tuesday rose 0.27% to 1.35690. What we know.

USDCAD Analysis

Performance after Tuesday
PeriodPctChgMomentum
Tuesday0.27%36 Pips
Week to-date0.21%28 Pips
March-0.07%-9.4 Pips

Upcoming key events (London Time)

Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:00 PM USD FOMC Economic Projections
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)

What happened lately

🇨🇦 Canada CPI Inflation Rate (12-mth) in February dropped to 2.8% compared to previous figure 2.9% in January Source: Statistics Canada
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January Source: Census Bureau

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What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.27% to 1.35690. Price is above 9-Day EMA while Stochastic is falling in overbought zone.

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

Looking ahead for the day, immediate upside resistance level is R1 at 1.36115 with break above could target R2 at 1.36541 or figure level area. While towards the downside, we are looking at daily low of 1.35300 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36133 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 0.21% over the past few days.

Key levels to watch out:

R31.36948
R21.36541
R11.36115
Daily Pivot1.35708
S11.35282
S21.34875
S31.34449

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