USDCAD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.04% | 5.3 Pips |  |
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| Week to-date | 0.03% | 4.3 Pips | |
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| August | -0.5% | -68.5 Pips |  |
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Upcoming key events (London Time)
Tue 01:30 PM USD PPI excluding Food and Energy sectors (12-mth) Wed 01:30 PM USD CPI Inflation Rate (1-mth) Wed 01:30 PM USD CPI Inflation Rate (12-mth)
What happened lately
🇺🇸 The U.S. Monthly Budget Statement in July dropped to -$244 billion compared to -$66 billion in June. Source: Bureau of the Fiscal Service
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Monday rose 0.04% to 1.37398. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.372 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37477 or trades above daily pivot 1.37338. Break above could target R1 at 1.37537. While to the downside, we are looking at 1.372 (S1) and daily low of 1.37140 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37477 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.37874 |
| R2 | 1.37675 |
| R1 | 1.37537 |
| Daily Pivot | 1.37338 |
| S1 | 1.372 |
| S2 | 1.37001 |
| S3 | 1.36863 |
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