USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.3% | -40.7 Pips |  |
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| Week to-date | -0.23% | -31.9 Pips | |
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| August | -0.76% | -104.3 Pips |  |
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Upcoming key events (London Time)
Wed 01:30 PM USD CPI Inflation Rate (1-mth) Wed 01:30 PM USD CPI Inflation Rate (12-mth) Thu 01:30 PM USD Monthly Retail Trade (1-mth)
What happened lately
🇺🇸 In July, the U.S. Producer Price Index excluding Food & Energy dropped to 0% compared to the revised June figure of 0.3%, previously reported as 0.4%. Source: Bureau of Labor Statistics 🇺🇸 The U.S. Producer Price Index (12-month) for July dropped to 2.2%, down from the revised June figure of 2.7%, which was initially reported as 2.6%. Source: Bureau of Labor Statistics The U.S. PPI excluding Food and Energy sectors (12-month) in July dropped to 2.4% compared to the previous figure of 3% in June. 🇺🇸 In July, the U.S. Producer Price Index (1-mth) dropped to 0.1% from 0.2% in June. Source: Bureau of Labor Statistics 🇺🇸 The U.S. Monthly Treasury Budget Statement in July dropped to -$244 billion compared to -$66 billion in June. Source: Bureau of the Fiscal Service
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What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.3% to 1.37040. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Tuesday trading session.
Looking ahead for the day, immediate support level is at S1 1.36862 with break below could see further selling pressure towards S2 at 1.36683. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.37475 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36990 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.23%.
Key levels to watch out:
| R3 | 1.37832 |
| R2 | 1.37653 |
| R1 | 1.37347 |
| Daily Pivot | 1.37168 |
| S1 | 1.36862 |
| S2 | 1.36683 |
| S3 | 1.36377 |
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