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USDCAD on Wednesday dropped -0.73% to 1.3624. Downside ahead. How it happened.
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Wednesday
Open High Low Close
1.37285 1.38333 1.36000 1.36239
Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.73% -100.1 Pips
Week to-date 0.25% 33.9 Pips
September 3.79% 497 Pips

Upcoming key events (London Time)

Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇺🇸 USD Pending Home Sales (MoM) in August exceed forecast and dropped to -2% compared to previous figure -0.6, revised from -1% in July. Source
📆 🇺🇸 USD Housing Price Index (MoM) in July below forecast and dropped to -0.6% compared to previous figure 0.1% in June. Source
📆 🇺🇸 USD S&P/Case-Shiller Home Price Indices (YoY) in July below forecast and dropped to 16.1% compared to previous figure 18.7, revised from 18.6% in June. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in August below forecast and dropped to -0.2% compared to previous figure -0.1, revised from 0% in July. Source
📆 🇺🇸 USD Chicago Fed National Activity Index in August below forecast and dropped to 0 points compared to previous figure 0.29, revised from 0.27 points in July. Source


What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.73% to 1.3624. Price is above 9-Day EMA while Stochastic is falling but in overbought zone.

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 1.35382 (S1) with break below could see further selling pressure towards 1.34524 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.3833 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. USDCAD need to break on either side to indicate a short-term bias. A close below 1.3600 would indicate selling pressure.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.25% over the past few days.

Key levels to watch out:

R3 1.40048
R2 1.39190
R1 1.37715
Daily Pivot 1.36857
S1 1.35382
S2 1.34524
S3 1.33049

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Last updated: 12:36 am UTC, 29-Sep 2022

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