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USDCAD on Thursday dropped -0.76% to 1.33375. What we know.

USDCAD on Thursday dropped -0.76% to 1.33375. What we know.

USDCAD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.76% -102.7 Pips
Week to-date -1.3% -176.2 Pips
April -1.36% -183.6 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar
Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash

What happened lately

πŸ‡ΊπŸ‡Έ πŸ“† USD In the week ending 08 April, the Initial Unemployment Insurance Claims rose to 239K compared to previous figure 228K Department of Labor
πŸ“† πŸ‡¨πŸ‡³ CNY Trade Balance in USD | Mar in March exceed forecast and dropped to 88.19$ compared to previous figure 116.8$ in February
πŸ“† πŸ‡ΊπŸ‡Έ USD Monthly Budget Statement | Mar in March exceed forecast and dropped to -378$ compared to previous figure -262$ in February.
πŸ“† ☒️ πŸ‡¨πŸ‡¦ CAD Bank of Canada Policy Interest Rate unchanged at 4.5% compared to previous rate 4.5%. Bank of Canada
πŸ“† πŸ‡ΊπŸ‡Έ USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February Bureau of Labor Statistics


USDCAD 4-hour Chart by TradingView

What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.76% to 1.33375. Price is below 9-Day EMA while Stochastic is rising.

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 1.32951 with break below could see further selling pressure towards S2 at 1.32526. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34478 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.33290 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -1.3%.

Key levels to watch out:

R3 1.35327
R2 1.34902
R1 1.34139
Daily Pivot 1.33714
S1 1.32951
S2 1.32526
S3 1.31763

You might be interested in:

Minutes of the Federal Open Market Committee, March 21-22, 2023. Federal Reserve
Bank of Canada maintains policy rate, continues quantitative tightening. Bank of Canada
Monetary Policy Report – April 2023. Bank of Canada
CPI for all items rises 0.1% in March as shelter increases. Bureau of Labor Statistics Publications

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