USDCAD on Wednesday dropped -0.62% to 1.34775. What we know.

USDCAD Analysis

Performance after Wednesday
PeriodPctChgMomentum
Wednesday-0.62%-84.2 Pips
Week to-date-0.47%-63.5 Pips
March-0.74%-99.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.6% compared to previous rate 2.5%
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
🇨🇦 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 Wednesday dropped -0.62% to 1.34775. 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 1.3432 with break below could see further selling pressure towards S2 at 1.33865. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36050 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34730 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:

R31.3696
R21.36505
R11.3564
Daily Pivot1.35185
S11.3432
S21.33865
S31.33

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