USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.71% | -96.1 Pips |  |
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| Week to-date | -1% | -136.2 Pips | |
||
| September | -0.45% | -61.1 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP annual rate Thu 02:20 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
In the United States, the House Price Index for July showed a modest increase of 0.1%, marking an improvement from the previous figure of -0.1% in June, as reported by the Federal Housing Finance Agency (FHFA). This small uptick suggests signs of stabilization in the housing market, which had experienced a slight contraction the month before. Stability in the housing market is typically viewed as a positive economic indicator, as it reflects underlying consumer confidence and economic resilience.
On Tuesday, the USDCAD pair fell by 0.71% to 1.34280. Several factors may have influenced this movement, including the rise in the U.S. House Price Index and potential investor expectations ahead of key economic data. This depreciation of the US dollar against the Canadian dollar indicates stronger performance or increased demand for the Canadian dollar on that day. Looking forward, market participants will be closely monitoring upcoming events such as the release of the U.S. GDP annual rate and Federal Reserve Chair Jerome Powell’s speech, both scheduled for Thursday. These events carry high significance and could have substantial impacts on currency exchange rates.
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What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.71% to 1.34280. 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 1.33881 with break below could see further selling pressure towards S2 at 1.33482. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35317 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34200 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -1%.
Key levels to watch out:
| R3 | 1.36115 |
| R2 | 1.35716 |
| R1 | 1.34998 |
| Daily Pivot | 1.34599 |
| S1 | 1.33881 |
| S2 | 1.33482 |
| S3 | 1.32764 |
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