USDCAD Analysis
| Performance after Monday | |||
| Period | Pct | Chg | Momentum |
| Monday | 0.35% | 49.0 Pips | ▲ |
| Week to-date | -0.94% | -133.0 Pips | ▼ |
| July | -1.23% | -175.0 Pips | ▼ |
Upcoming key events (GMT+8)
No major events for the day.
What happened lately
The USDCAD currency pair experienced a rise of 0.35% on Monday, closing at 1.40690. The trading session saw the pair reach a high of 1.40720 and a low of 1.40010. This upward movement in the exchange rate occurred despite a lack of major scheduled economic events in the immediate future.
On the previous trading day, the Canadian Consumer Price Index (CPI) inflation rate was released, showing an annual increase of 2.8%. This figure was a decrease from the previous rate of 3.2%. The CPI data, released at 20:30 GMT+8, is a key indicator of inflationary pressures within the Canadian economy, but its impact on the USDCAD exchange rate appears to be limited, as the pair moved higher despite the lower inflation rate.
Looking ahead, there are no major economic events scheduled that might impact the USDCAD pair. As such, traders and investors may focus on other factors, such as market sentiment and technical indicators, to guide their decisions.
Overall, the market sentiment for USDCAD seems to be leaning towards a bullish outlook, as evidenced by the recent price increase. However, without significant economic data releases or events on the horizon, the pair may continue to be influenced by broader market trends and investor sentiment.
What can we expect from USDCAD today?
USDCAD is showing a bullish daily outlook today, with a 0.35% increase in performance, closing at 1.40690. The pair is currently below the 9-day EMA, and the stochastic indicator is rising in the oversold zone, suggesting potential upward momentum.
If bullish momentum continues, USDCAD could test the first resistance level (R1) at 1.40937. A break above this level may see the pair targeting the second resistance level (R2) at 1.41183, especially if the stochastic indicator continues to rise, indicating strengthening buying pressure.
Conversely, a bearish scenario could unfold if USDCAD fails to maintain its upward trajectory and drops below the daily pivot point at 1.40473. In this case, the first support level (S1) at 1.40227 could be tested. Further downside movement might target the second support level (S2) at 1.39763, particularly if the pair remains below the 9-day EMA.
📈 Bull Scenario Watch resistance levels R1 and R2 for bullish continuation. | 📉 Bear Scenario Watch support levels S1 and S2 for bearish breakdown. |
Key levels to watch out:
| R3 | 1.41647 |
| R2 | 1.41183 |
| R1 | 1.40937 |
| Daily Pivot | 1.40473 |
| S1 | 1.40227 |
| S2 | 1.39763 |
| S3 | 1.39517 |