USDCAD on Wednesday dropped -0.23% to 1.35838. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.23%	-30.8 Pips
Week to-date	-0.69%	-94.5 Pips
August	-1.63%	-224.5 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD Jackson Hole Symposium
Fri 03:00 PM USD Federal Reserve Chair Jerome Powell speech (Jackson Hole Symposium)

What happened lately

🇨🇦 Canada Bank of Canada Core Inflation CPI (12-mth) in July dropped to 1.7% from the previous figure of 1.9% in June. Source: Bank of Canada
🇨🇦 Canada CPI Inflation Rate (12-mth) in July dropped to 2.5% compared to 2.7% in June. Source: Statistics Canada
🇨🇦 Canada BoC CPI Inflation Rate Core (1-mth) in July rose to 0.3% from -0.1% in June. Source: Bank of Canada
🇨🇦 Canada’s CPI Inflation Rate for July increased to 0.4% from -0.1% in June. Source: Statistics Canada

Latest from X (Twitter)

Tweets by Statistics Canada

What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.23% to 1.35838. 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 1.35621 with break below could see further selling pressure towards S2 at 1.35404. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36233 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35710 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.69%.

Key levels to watch out:

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