• Sat. Jun 15th, 2024

USDCAD on Tuesday rose 0.08% to 1.36340. Pair in consolidation. What we know.


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Dear ,

As requested, let’s look at EURUSD and the recent events that happened in the previous trading session.

USDCAD Analysis

Performance after Tuesday
Period Pct Chg Momentum
Tuesday 0.08% 10.9 Pips
Week to-date 0.18% 25 Pips
May -0.97% -133.5 Pips

Upcoming key events (London Time)

  Wed 07:00 PM USD FOMC Meeting Minutes

What happened lately

 🇨🇦 Canada CPI Inflation Rate (1-mth) in April dropped to 0.5% compared to previous figure 0.6% in March Source: Statistics Canada

What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.08% to 1.36340. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36042 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36755 or trades above daily pivot 1.36398. Break above could target R1 at 1.36697. While to the downside, we are looking at 1.36042 (S1) and daily low of 1.36100 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36755 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

R3 1.37352
R2 1.37053
R1 1.36697
Daily Pivot 1.36398
S1 1.36042
S2 1.35743
S3 1.35387
On Key

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