USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.2% | -28 Pips |  |
||
| Week to-date | 0.28% | 38 Pips |  |
||
| June | 0.3% | 40.7 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM USD Nonfarm Payroll Employment Fri 01:30 PM USD Average Hourly Earnings (12-mth)
What happened lately
🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in May dropped to 52 compared to previous figure 63 in April 🇨🇦 Canada Ivey Purchasing Managers Index in May dropped to 59.1 compared to previous figure 65.7 in April 🇺🇸 U.S. Nonfarm Business Labor Productivity in Q1 dropped to 0.2% compared to previous figure 0.3% in Q4 Source: Bureau of Labor Statistics 🇨🇦 Canada Bank of Canada Policy Interest Rate dropped to 4.75% compared to previous rate 5% Source: Bank of Canada
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.2% to 1.36640. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36453 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37100 or trades above daily pivot 1.36777. Break above could target R1 at 1.36963. While to the downside, we are looking at 1.36453 (S1) and daily low of 1.36590 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36590 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 | 1.37473 |
| R2 | 1.37287 |
| R1 | 1.36963 |
| Daily Pivot | 1.36777 |
| S1 | 1.36453 |
| S2 | 1.36267 |
| S3 | 1.35943 |
