USDCAD on Wednesday dropped -0.18% to 1.37528. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.18%	-24.2 Pips
Week to-date	-0.94%	-130.3 Pips
August	-0.4%	-55.5 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Net Change in Employment

What happened lately

In July, the Canada Ivey Purchasing Managers Index fell to 55.3 from its previous figure of 62.4 in June.
In July, the seasonally adjusted Ivey Purchasing Managers Index for Canada fell to 57.6 from the previous figure of 62.5 in June.

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.18% to 1.37528. 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 1.37163 with break below could see further selling pressure towards S2 at 1.36798. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.37907 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.37170 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.94%.

Key levels to watch out:

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