USDCAD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | -2.39% | -353.4 Pips |  |
||
| Week to-date | -2.07% | -305.3 Pips |  |
||
| February | -0.5% | -73 Pips | |
||
Upcoming key events (London Time)
No major events for the day.
What happened lately
Economic activity remains quiet as no significant news or events have been recorded today. This stability comes in the absence of any major reported changes or financial policies from any significant global economy. Such a lull in economic events suggests a period of relative stability, lacking any new economic stimulus or disruptions from enterprises like central banks, governments, or major corporations. Therefore, one can infer that the existing economic measures and policies remain unchallenged and unchanged, giving markets an extended period of calmness to possibly recuperate or reassess.
Regarding the USDCAD pair, Monday saw a notable drop of -2.39%, bringing the exchange rate to 1.44200. This drop suggests a strengthening Canadian dollar against its US counterpart, at least within this specific timeframe. In the absence of any direct economic events or news from the US or Canada today, this movement might reflect the influence of prior financial reports, market expectations, or speculative activities. It underscores the market’s reaction to factors such as investor sentiment, previous economic trends, or reactions to prior fiscal policies that happen outside of today’s purview. As such, any movement in the USDCAD may remain subdued without significant volatility expected in the immediacy.
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Monday dropped -2.39% to 1.44200. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Monday trading session.
Looking ahead for the day, immediate support level is at S1 1.42723 with break below could see further selling pressure towards S2 at 1.41246. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.47931 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.43850 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 | 1.50885 |
| R2 | 1.49408 |
| R1 | 1.46804 |
| Daily Pivot | 1.45327 |
| S1 | 1.42723 |
| S2 | 1.41246 |
| S3 | 1.38642 |
#USDCAD Trending on Twitter
[custom-twitter-feeds hashtag=”#USDCAD” num=3 showheader=false]