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USDCAD on Wednesday dropped -0.82% to 1.2776. Looking bearish. What you need to know before the next trade.
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Wednesday
Open High Low Close
1.28847 1.28954 1.27480 1.27763
Performance after Wednesday
Period Pct Chg Momentum
Wednesday -0.82% -105.8 Pips
Week to-date -1.19% -153.7 Pips
August -0.14% -17.7 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Consumer Sentiment Index

What happened lately

📆 🇺🇸 USD Consumer Price Index Core s.a in July exceed forecast and rose to 295.28 compared to previous figure 294.35 in June. Source
USD Nonfarm Productivity in Q2 preliminary estimate rose to -4.6% compared to previous figure -7.4% (revised from -7.3%). Source


What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.82% to 1.2776. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at 1.27177 (S1) with break below could see further selling pressure towards 1.26592 (S2). To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.2895 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. USDCAD need to break on either side to indicate a short-term bias. A close below 1.2748 would indicate selling pressure.

For the week to-date, take note that USDCAD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.30125
R2 1.29540
R1 1.28651
Daily Pivot 1.28066
S1 1.27177
S2 1.26592
S3 1.25703

You might also be interested in:

CPI for all items unchanged in July as fall in gasoline offsets shelter, food increases Source: Bureau of Labor Statistics Publications
Productivity decreases 4.6% in Q2 2022; unit labor costs increase 10.8% (annual rates) Source: Bureau of Labor Statistics Publications

Last updated: 12:36 am UTC, 11-Aug 2022

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