USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.29% | -39.4 Pips |  |
||
| Week to-date | 0.09% | 12.2 Pips |  |
||
| September | 0.63% | 85.2 Pips | |
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Upcoming key events (London Time)
Thu 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
What happened lately
🇺🇸 The U.S. Consumer Price Index (CPI) inflation rate for August remained steady at 0.2%, unchanged from the rate reported in July. Source: Bureau of Labor Statistics 🇺🇸 The U.S. CPI inflation rate over 12-month period for August decreased to 2.5% from 2.9% in July. Source: Bureau of Labor Statistics
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What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.29% to 1.35743. Price is above 9-Day EMA while Stochastic is rising.
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 1.35499 with break below could see further selling pressure towards S2 at 1.35256. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36228 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35620 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.36715 |
| R2 | 1.36472 |
| R1 | 1.36107 |
| Daily Pivot | 1.35864 |
| S1 | 1.35499 |
| S2 | 1.35256 |
| S3 | 1.34891 |
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