USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.25% | -33.6 Pips |  |
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| Week to-date | -0.55% | -74.6 Pips |  |
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| March | -0.35% | -47.4 Pips | |
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Upcoming key events (London Time)
Fri 12:30 PM USD Personal Consumption Expenditures Price Index (1-mth) Fri 12:30 PM USD Personal Consumption Expenditures Price Index (12-mth) Fri 03:30 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
🇺🇸 U.S. Michigan Index of Consumer Sentiment in March rose to 79.4 points compared to previous figure 76.5 points in February Source: University of Michigan 🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in March dropped to 2.8% compared to previous figure 2.9% in February Source: University of Michigan 🇺🇸 In the week ending 23 March, U.S. Initial Unemployment Insurance Claims dropped to 210K compared to previous figure 212K (revised from 210K) Source: Department of Labor
🇨🇦 Canada GDP (1-mth) in January rose to 0.6% compared to previous figure -0.1% (revised from 0%) Source: Statistics Canada
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.25% to 1.35314. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.34964 with break below could see further selling pressure towards S2 at 1.34613. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36137 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35200 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.36838 |
| R2 | 1.36487 |
| R1 | 1.35901 |
| Daily Pivot | 1.3555 |
| S1 | 1.34964 |
| S2 | 1.34613 |
| S3 | 1.34027 |
