Chart of the day - USDCAD (16.02.2024)

Economic calendar for the final trading day of the week is light. However, USDCAD is one of the FX pairs that may see some volatility in the early afternoon today as traders will be offered second-tier data from Canada and the United States. Canadian wholesale sales reading for January as well as US PPI inflation and housing market reports for January will be released at 1:30 pm GMT today. However, as those are reports of second importance, their impact on the market may be short-lived.

Taking a look at USDCAD chart at H1 interval, we can see that the pair slumped yesterday, following a disappointing US retail sales reading and the sell-off was halted at 1.3460 support zone, marked with previous price reactions and a short-term upward trendline. The pair attempted to recover later on, but advance was halted at the 1.3485 resistance zone. The two near-term levels to watch are the aforementioned 1.3485 resistance and the upward trendline, which currently runs in the 1.3468 area. 

Source: xStation5