USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.26% | -35.2 Pips |  |
||
| Week to-date | -0.46% | -62.7 Pips | |
||
| August | -2.63% | -363 Pips |  |
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Upcoming key events (London Time)
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What happened lately
🇺🇸 U.S. House Price Index (1-mth) in June dropped to -0.1% from 0% in May. Source: FHFA 🇺🇸 U.S. Durable Goods Orders excluding Transportation in July dropped to -0.2% from the revised June figure of 0.4%, which was initially reported as 0.5%. Source: Census Bureau U.S. Durable Goods Orders excluding Defense in July increased to 10.4%, compared to the revised figure of -7.2% (previously -7%) in June. Source: Census Bureau 🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in July dropped to -0.1% from a revised 0.9% in June. Source: Census Bureau 🇺🇸 U.S. Durable Goods – New Orders in July rose to 9.9%, compared to the previous figure of -6.7%, revised from -6.6% in June. Source: Census Bureau
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What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.26% to 1.34453. Price is below 9-Day EMA while Stochastic is falling.
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 1.34255 with break below could see further selling pressure towards S2 at 1.34058. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34880 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34370 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.46%.
Key levels to watch out:
| R3 | 1.35275 |
| R2 | 1.35078 |
| R1 | 1.34765 |
| Daily Pivot | 1.34568 |
| S1 | 1.34255 |
| S2 | 1.34058 |
| S3 | 1.33745 |
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