USDCAD on Monday dropped -0.25% to 1.3574. Pair in consolidation. Winners and losers.

USDCAD by TradingView

Performance after Monday
Period	Pct	Chg	Momentum
Monday	-0.25%	-34.5 Pips
Week to-date	-0.25%	-34.5 Pips
February	2.02%	268.4 Pips

Upcoming key events (London Time)

Tue 01:30 PM CAD Gross Domestic Product Annualized
Wed 03:00 PM USD ISM Manufacturing PMI

What happened lately

📆 🇺🇸 USD Pending Home Sales (MoM) in January exceed forecast and rose to 8.1% compared to previous figure 1.1, revised from 2.5% in December. Source
📆 🇨🇦 CAD Current Account in Q4 below forecast and dropped to -10.64B compared to previous figure -8.41, revised from -11.1B in Q3. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in January exceed forecast and dropped to -4.5% compared to previous figure 5.1, revised from 5.6% in December. Source

What can we expect from USDCAD today?

USDCAD on Monday dropped -0.25% to 1.3574. Price is above 9-Day EMA while Stochastic is falling but in overbought zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35283 (S1).

Looking ahead today, we are looking at 1.3665 or 1.36214 (R1) as important resistance level while to the downside, the daily low of 1.3531 and 1.35283 (S1) as key support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.3531 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:

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Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 11:37 pm UTC, 27-Feb 2023

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