USDCAD on Wednesday dropped -0.40% to 1.3591. Pair in consolidation. Things to look out.

USDCAD by TradingView

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.40%	-54 Pips
Week to-date	-0.12%	-17 Pips
February	2.56%	340.9 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in February below forecast and rose to 47.7 points compared to previous figure 47.4 points in January. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in February below forecast and dropped to 47.3 points compared to previous figure 47.8 points in January. Source
📆 🇨🇦 CAD S&P Global Manufacturing PMI in February exceed forecast and rose to 52.4 points compared to previous figure 51 points in January. Source
📆 🇺🇸 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 Wednesday dropped -0.40% to 1.3591. 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 1.35610 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.3659 or trades above daily pivot 1.36100 while to the downside, the daily low of 1.3580 and 1.35610 (S1) as key support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.3580 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:

You might also be interested in:

Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023 Source: Federal Reserve
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: 11:36 pm UTC, 01-Mar 2023

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