USDCAD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -0.02% | -2.5 Pips |  |
||
| Week to-date | -0.01% | -1.8 Pips | |
||
| October | 2.69% | 364.5 Pips |  |
||
Upcoming key events (London Time)
Tue 07:30 PM CAD Bank of Canada’s Governor Tiff Macklem speech
Wed 12:30 PM USD GDP annual rate
What happened lately
The Bank of Canada’s Governor, Tiff Macklem, is scheduled to deliver a speech on Tuesday at 7:30 PM. This event could potentially influence the Canadian dollar, as investors and analysts will be closely observing Macklem’s comments for any indications regarding the central bank’s future monetary policy direction. Any hints of changes in interest rates or economic outlook could impact market sentiment and the valuation of the Canadian dollar. Given the high impact level associated with this event, it is crucial for market participants to pay attention to the content and tone of Macklem’s speech, as any unexpected revelations could lead to volatility in the currency markets.
On Wednesday, the United States will release its GDP annual rate figures at 12:30 PM. As a crucial economic indicator, the GDP annual rate provides a comprehensive measure of the country’s economic performance. A higher-than-expected GDP growth rate could bolster the US dollar, as it may suggest a stronger economy and potentially lead to adjustments in monetary policy. Conversely, a lower-than-expected figure might raise concerns about the economic outlook, which could impact the US dollar negatively. As a high-impact data release, the GDP figures are likely to attract significant attention from traders, economists, and policymakers, influencing the market dynamics for the USD.
The recent drop of USDCAD by -0.02% to 1.38917 indicates that the pair is currently in consolidation. The upcoming speeches and economic data releases from both Canada and the United States could influence the USDCAD currency pair. If Governor Tiff Macklem’s speech suggests a more hawkish stance from the Bank of Canada, it could lead to further strengthening of the Canadian dollar, thus potentially pushing the USDCAD lower. On the other hand, if the US GDP annual rate shows robust economic growth, it might add to the strength of the US dollar, potentially pushing the USDCAD higher. Traders are likely to be cautious, monitoring these events closely to gauge future price movements of the currency pair.
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Monday dropped -0.02% to 1.38917. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.38763 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.39084 or trades above daily pivot 1.38924. Break above could target R1 at 1.39077. While to the downside, we are looking at 1.38763 (S1) and daily low of 1.38770 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.38770 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 | 1.39391 |
| R2 | 1.39238 |
| R1 | 1.39077 |
| Daily Pivot | 1.38924 |
| S1 | 1.38763 |
| S2 | 1.3861 |
| S3 | 1.38449 |
#USDCAD Trending on Twitter
[custom-twitter-feeds hashtag=”#USDCAD” num=3 showheader=false]