USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.24% | -32.8 Pips |  |
||
| Week to-date | -0.89% | -122 Pips | |
||
| September | 0.04% | 6 Pips |  |
||
Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. Producer Price Index (12-mth) in August exceed forecast and rose to 1.6% compared to previous figure 0.8% in July 🇺🇸 U.S. Monthly Retail Trade (1-mth) in August exceed forecast and rose to 0.6% compared to previous figure 0.5, revised from 0.7% in July Census Bureau 🇺🇸 U.S. Monthly Budget Statement in August exceed forecast and rose to 89$ compared to previous figure -221$ in July Bureau of the Fiscal Service 🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in August dropped to 4.3% compared to previous figure 4.7% in July Bureau of Labor Statistics
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.24% to 1.35130. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.34833 with break below could see further selling pressure towards S2 at 1.34535. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35542 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34890 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.89%.
Key levels to watch out:
| R3 | 1.36137 |
| R2 | 1.35839 |
| R1 | 1.35485 |
| Daily Pivot | 1.35187 |
| S1 | 1.34833 |
| S2 | 1.34535 |
| S3 | 1.34181 |
#USDCAD Trending on Twitter
USDCAD long is a go ⤴️ - #USDCAD chart on @TradingView https://www.tradingview.com/chart/USDCAD/pFHrpdtT-USDCAD-long-is-a-go/
USD/CAD: Losses to extend towards the 1.3375/1.3425 area – Scotiabank https://fxstreet.page.link/EXDG #USDCAD #Banks
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