USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.29% | 42 Pips |  |
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| Week to-date | 0.69% | 97.4 Pips | |
||
| February | -1.27% | -184 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP annual rate
What happened lately
In the United States, the House Price Index for December showed no change, maintaining a growth rate of 0.4% compared to the previous month, November. This data indicates a steady housing market without any acceleration in price growth, which could be interpreted as a sign of stability in the current economic climate. The housing market is a significant component of the overall economy and reflects consumer confidence and spending power. A stable house price index suggests that while there might not be rapid growth, the sector is not experiencing a downturn either.
The USDCAD currency pair observed a modest increase of 0.29%, reaching 1.43090 on Tuesday. This increase could be attributed to various market factors, including economic data releases, geopolitical events, and investor sentiment. Additionally, market participants might be positioning themselves ahead of significant economic events, such as the upcoming release of the U.S. GDP annual rate scheduled for Thursday at 01:30 PM. The GDP data is expected to have a substantial impact on currency markets, including USDCAD, as it will provide insights into the economic growth and outlook of the United States.
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What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.29% to 1.43090. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.43393 with break above could target R2 at 1.43697 or figure level area. While towards the downside, we are looking at daily low of 1.42350 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.43175 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.69% over the past few days.
Key levels to watch out:
| R3 | 1.44218 |
| R2 | 1.43697 |
| R1 | 1.43393 |
| Daily Pivot | 1.42872 |
| S1 | 1.42568 |
| S2 | 1.42047 |
| S3 | 1.41743 |
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