USDCAD on Tuesday rose 0.53% to 1.3645. End February up by 2.56% or 268.9 pips higher. Upside optimism ahead. How it happened.

USDCAD by TradingView

Performance after Tuesday
Period	Pct	Chg	Momentum
Tuesday	0.53%	72 Pips
Week to-date	0.18%	24.7 Pips
February	2.56%	268.9 Pips

Upcoming key events (London Time)

Wed 03:00 PM USD ISM Manufacturing PMI

What happened lately

📆 🇺🇸 USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source
📆 ☢️ 🇨🇦 CAD Gross Domestic Product Annualized in Q4 below forecast and dropped to 0% compared to previous figure 2.3, revised from 2.9% in Q3. Source
📆 🇨🇦 CAD Gross Domestic Product (QoQ) in Q4 exceed forecast and dropped to 0% compared to previous figure 0.6, revised from 0.7% in Q3. Source
📆 🇨🇦 CAD Gross Domestic Product (MoM) in December below forecast and dropped to -0.1% compared to previous figure 0.1% in November. Source
📆 🇺🇸 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 Tuesday rose 0.53% to 1.3645. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

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 1.36763 (R1) while on the downside, we are looking at daily low of 1.3557 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 1.3648 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.

USDCAD ended month of February trading session up by 2.56% or 268.9 pips higher.

Key levels to watch out:

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Advance Retail Inventories Source: Census Bureau
Gross domestic product by industry, December 2022 Source: Statistics Canada
Advance U.S. International Trade in Goods Source: Census Bureau
Gross domestic product, income and expenditure, fourth quarter 2022 Source: Statistics Canada
Advance Wholesale Inventories Source: Census Bureau
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau

Last updated: 02:50 am UTC, 01-Mar 2023

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