USDCAD on Tuesday rose 0.66% to 1.3536. Bullish momentum. What you need to know.

USDCAD by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.66%	88.1 Pips
Week to-date	0.47%	63.1 Pips
February	1.74%	231.3 Pips

Upcoming key events (London Time)

Wed 07:00 PM USD FOMC Minutes
Thu 01:30 PM USD Gross Domestic Product Annualized

What happened lately

📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source
📆 🇨🇦 CAD Consumer Price Index (YoY) in January below forecast and dropped to 5.9% compared to previous figure 6.3% in December. Source
📆 ☢️ 🇨🇦 CAD Retail Sales (MoM) in December exceed forecast and rose to 0.5% compared to previous figure -0.1% in November. Source
📆 🇨🇦 CAD Retail Sales ex Autos (MoM) in December exceed forecast and dropped to -0.6% compared to previous figure -0.5, revised from -0.6% in November. Source

What can we expect from USDCAD today?

USDCAD on Tuesday rose 0.66% to 1.3536. 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 at 1.35777 (R1) while on the downside, we are looking at daily low of 1.3438 as an important support. Break below this level could weaken the current bullish momentum. USDCAD need to break on either side to indicate a short-term bias. A break above 1.3549 would suggest bullish bias after recent positive movement.

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:

You might also be interested in:

Retail trade, December 2022 Source: Statistics Canada
Consumer Price Index, January 2023 Source: Statistics Canada
Annual retail trade, 2021 Source: Statistics Canada

Last updated: 11:36 pm UTC, 21-Feb 2023

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