USDCAD Analysis
| Performance after Monday | |||||
| Period | Pct | Chg | Momentum | ||
| Monday | 0.07% | 10.1 Pips |  |
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| Week to-date | 0.07% | 10 Pips | |
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| June | -0.31% | -42 Pips |  |
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Upcoming key events (London Time)
Wed 01:30 PM USD CPI Inflation Rate (12-mth)
What happened lately
There are no major economic news events currently affecting the US and Canadian economies. The USDCAD exchange rate saw a slight increase of 0.07% on Monday, reaching 1.36981, as the pair remains in a consolidation phase. This indicates that the exchange rate is currently experiencing limited volatility and trading within a narrow range, with traders possibly awaiting clearer market signals or significant economic data that could drive directional movement.
Looking ahead, a key event that could impact the USD and thus the USDCAD pair is the upcoming release of the US Consumer Price Index (CPI) inflation rate for a 12-month period, scheduled for Wednesday at 01:30 PM. Given its high impact, the CPI report will be closely monitored by traders and investors as it provides valuable insights into inflationary pressures within the US economy. A higher-than-expected CPI reading may lead to speculation of further interest rate hikes by the Federal Reserve, potentially strengthening the USD. Conversely, a lower-than-expected reading could lessen expectations for rate hikes, weakening the USD relative to the CAD. Until this data is released, the current consolidation phase of the USDCAD may persist, characterized by muted trading activity and range-bound price movements.
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What can we expect from USDCAD today?
USDCAD on Monday rose 0.07% to 1.36981. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36729 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37074 or trades above daily pivot 1.36902. Break above could target R1 at 1.37153. While to the downside, we are looking at 1.36729 (S1) and daily low of 1.36650 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37074 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.37577 |
| R2 | 1.37326 |
| R1 | 1.37153 |
| Daily Pivot | 1.36902 |
| S1 | 1.36729 |
| S2 | 1.36478 |
| S3 | 1.36305 |
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