USDCAD declines 0.33% to 1.36230 amid lack of major economic releases
USDCAD Analysis
| Performance after Monday | |||
| Period | Pct | Chg | Momentum |
| Monday | -0.33% | -45.0 Pips | ▼ |
| Week to-date | -0.33% | -45.0 Pips | ▼ |
| April | -2.09% | -291.0 Pips | ▼ |
Upcoming key events (GMT+8)
| Time (GMT+8) | Currency | Impact | Event |
| Wed 09:45 PM | CAD | HIGH | Bank of Canada Policy Interest Rate |
| Wed 09:45 PM | CAD | HIGH | Bank of Canada Monetary Policy Report |
| Wed 09:45 PM | CAD | HIGH | Bank of Canada Rate Statement |
| Wed 10:30 PM | CAD | HIGH | Bank of Canada Press Conference |
| Thu 02:00 AM | USD | HIGH | Fed Interest Rate Decision (Federal Funds Rate) |
| Thu 02:00 AM | USD | HIGH | FOMC Monetary Policy Statement |
| Thu 02:30 AM | USD | HIGH | FOMC Press Conference |
What happened lately
The USDCAD currency pair experienced a decline of 0.33% on Monday, closing at 1.36230, with a trading range between a high of 1.36820 and a low of 1.35950. This downward movement occurred in the absence of any major economic releases during the period, leaving the precise catalysts for the price action unclear.
Looking ahead, significant events are scheduled that could influence the USDCAD pair. On Wednesday at 9:45 PM (GMT+8), the Bank of Canada will announce its Policy Interest Rate, release its Monetary Policy Report, and issue a Rate Statement. This will be followed by a press conference at 10:30 PM. These events are expected to have a high impact on the Canadian dollar, potentially affecting the USDCAD exchange rate.
Additionally, the United States will have key announcements on Thursday, starting at 2:00 AM (GMT+8) with the Federal Reserve’s Interest Rate Decision and the FOMC Monetary Policy Statement, followed by a press conference at 2:30 AM. These events are also anticipated to have a high impact, influencing the US dollar and, consequently, the USDCAD pair.
In terms of market sentiment, the lack of major economic headlines suggests a cautious approach among traders as they await the upcoming high-impact events from both the Bank of Canada and the Federal Reserve. The outcomes of these events will likely provide clearer direction for the USDCAD pair in the near term.
What can we expect from USDCAD today?
As we begin the trading week, USDCAD is exhibiting a bearish outlook with a daily performance of -0.33%, closing at 1.36230. The pair remains below its 9-day EMA, suggesting continued downward pressure.
📈 Bull Scenario A bullish scenario for USDCAD could emerge if the pair manages to break above the daily pivot at 1.36333. Should the upward momentum continue, traders should watch for resistance at R1 (1.36717) and potentially R2 (1.37203) as key levels where bullish momentum might face challenges. | 📉 Bear Scenario Conversely, a bearish continuation could be triggered if USDCAD falls below the first support level at S1 (1.35847). Further downside could see the pair testing S2 (1.35463), reinforcing the weekly bearish outlook. The rising stochastic indicator, however, suggests caution as it may indicate potential short-term bullish corrections. |
Key levels to watch out:
| R3 | 1.37587 |
| R2 | 1.37203 |
| R1 | 1.36717 |
| Daily Pivot | 1.36333 |
| S1 | 1.35847 |
| S2 | 1.35463 |
| S3 | 1.34977 |
