USDCAD Analysis
| Performance after Thursday | |||
| Period | Pct | Chg | Momentum |
| Thursday | 0% | 0 Pips | ▼ |
| Week to-date | 0.86% | 119.0 Pips | ▲ |
| September | 0.97% | 134.0 Pips | ▲ |
Upcoming key events (GMT+8)
No major events for the day.
What happened lately
The USDCAD currency pair remained relatively stable on Thursday, closing unchanged at 1.39880. The trading session saw the pair reach a high of 1.40010 and a low of 1.39710, indicating a period of consolidation with minimal price movement.
In terms of economic releases, the Federal Reserve’s interest rate decision was a key focus. The Federal Funds Rate was announced at 4, aligning with market expectations and up from the previous rate of 3.75. Additionally, the interest rate projections were released, showing an increase to 4.1 from the previous 3.8. These announcements were significant, but they did not result in any immediate, dramatic shifts in the USDCAD pair during the trading day.
Looking ahead, there are no major scheduled events that could impact the USDCAD in the immediate future. As such, traders may continue to focus on the implications of the recent interest rate decision and projections.
Overall, the market sentiment appears to be one of cautious observation, as participants digest the recent interest rate announcements and their potential implications. The lack of significant movement in the USDCAD suggests that traders are awaiting further developments or data to provide clearer direction.
What can we expect from USDCAD today?
USDCAD is trading with a mixed outlook today, maintaining its position at 1.39880, unchanged from the previous close. The pair’s weekly performance remains positive at 0.86%, suggesting underlying bullish sentiment.
📈 Bull Scenario A bullish scenario for USDCAD could be triggered if the pair breaks above the daily high of 1.40010. In this case, traders should watch for potential resistance at R1, 1.40023, and further at R2, 1.40167. The price staying above the 9-day EMA supports a bullish bias. | 📉 Bear Scenario Conversely, a bearish move might occur if USDCAD falls below the daily low of 1.39710. Key support levels to monitor include S1 at 1.39723 and S2 at 1.39567. The falling stochastic in the overbought zone suggests a potential for downward pressure. |
Key levels to watch out:
| R3 | 1.40323 |
| R2 | 1.40167 |
| R1 | 1.40023 |
| Daily Pivot | 1.39867 |
| S1 | 1.39723 |
| S2 | 1.39567 |
| S3 | 1.39423 |