USDCAD on Thursday rose 0.1% to 1.36150. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.1%	13.5 Pips
Week to-date	-0.38%	-52 Pips
May	-1.13%	-156.2 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Industrial Production (1-mth) in April dropped to 0% compared to previous figure 0.4% in March
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in May dropped to 4.5 points compared to previous figure 15.5 points in April
🇺🇸 U.S. CPI Inflation Rate (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Retail Trade (1-mth) in April dropped to 0% compared to previous figure 0.6, revised from 0.7% in March Source: Census Bureau
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (1-mth) in April dropped to 0.3% compared to previous figure 0.4% in March Source: Bureau of Labor Statistics
🇺🇸 U.S. New York Empire State Manufacturing Index in May dropped to -15.6 points compared to previous figure -14.3 points in April

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What can we expect from USDCAD today?

USDCAD on Thursday rose 0.1% to 1.36150. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35863 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36410 or trades above daily pivot 1.36137. Break above could target R1 at 1.36423. While to the downside, we are looking at 1.35863 (S1) and daily low of 1.35850 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36410 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.38%.

Key levels to watch out: