2026-10-23 Readings lean bearish
USD/CAD trades near 1.40148 as traders await Canadian retail sales data
The US dollar is trading slightly lower against the Canadian dollar over the last 24 hours. The pair is currently priced at 1.40148. Market participants are watching for upcoming economic data to provide fresh direction.
Trend and momentum
The trend structure is down on both the 1-hour and 4-hour charts. Momentum is weak, with the 1-hour RSI at 45.99 and the 4-hour RSI at 33.26. Price action remains inside the 1-hour Bollinger Bands without a squeeze. The pair has only used 30 percent of its average daily range today, leaving room for movement.
Key levels
Key levels to watch include yesterday's high at 1.40495 and yesterday's low at 1.40040. Last week's range spans from a high of 1.42998 to a low of 1.41149. The recent 4-hour range sits between 1.41734 and 1.39972. A break above yesterday's high could signal a short-term recovery, while a drop below yesterday's low might confirm further downside pressure.
News and events this week
This week features important economic releases for both currencies. In the US, traders are monitoring unemployment claims and the revised University of Michigan consumer sentiment index on Friday. For Canada, the focus is on Friday's retail sales data, which could impact the Canadian dollar ahead of the Bank of Canada rate decision next week.
What would push it higher
If US consumer sentiment data beats expectations, the US dollar could gain strength. A drop in oil prices might also weaken the Canadian dollar and push the pair higher.
What would push it lower
If Canadian retail sales come in stronger than expected, the Canadian dollar could extend its recent gains. Continued weakness in the US dollar would also drive the pair lower.
The engine has no open signal on this pair. Today's signals →