USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | -0.49% | -67.9 Pips |  |
||
| Week to-date | -0.39% | -54.5 Pips |  |
||
| November | -0.69% | -95.7 Pips | |
||
Upcoming key events (London Time)
Thu 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
What happened lately
In the United States, September witnessed a slight improvement in the new orders for manufactured goods, which saw an increase from -0.8% in August to -0.5% according to the Census Bureau. This data suggests a marginal recovery in the demand for manufactured goods, which is a positive indicator for the manufacturing sector, reflecting slightly improved economic activity. However, the figure still being negative indicates that there are continuing challenges in the sector that may require focused economic policy interventions to ensure consistent growth.
The USDCAD exchange rate dropped by 0.49% on Tuesday, standing at 1.38411. This movement in the exchange rate can be partly attributed to the changes in economic data, such as the slight improvement in U.S. manufacturing orders. The exchange rate is sensitive to economic indicators as well as monetary policy expectations. Furthermore, traders and investors are likely to have their eyes set on the upcoming high-impact Federal Funds Rate decision, scheduled for Thursday at 7:00 PM by the Federal Reserve. Anticipation of this decision may suggest a range of outcomes, from changes in inflation expectations to shifts in interest rates, which tend to influence currency strength and, by extension, the direction of the USDCAD.
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Tuesday dropped -0.49% to 1.38411. 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 1.38039 with break below could see further selling pressure towards S2 at 1.37666. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.39066 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.38180 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 | 1.39811 |
| R2 | 1.39438 |
| R1 | 1.38925 |
| Daily Pivot | 1.38552 |
| S1 | 1.38039 |
| S2 | 1.37666 |
| S3 | 1.37153 |
#USDCAD Trending on Twitter
[custom-twitter-feeds hashtag=”#USDCAD” num=3 showheader=false]