USDCAD on Thursday rose 0.33% to 1.34960. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.33%	44.7 Pips
Week to-date	-0.38%	-52 Pips
May	-0.38%	-51 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Retail Trade Turnover (1-mth)
Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April
USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Census Bureau

What can we expect from USDCAD today?

USDCAD on Thursday rose 0.33% to 1.34960. 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 1.34545 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35244 or trades above daily pivot 1.34895. Break above could target R1 at 1.35309. While to the downside, we are looking at 1.34545 (S1) and daily low of 1.34480 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35244 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

You might be interested in:

New Housing Price Index, April 2023. Statistics Canada
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, March 2023. Statistics Canada
Consumer Price Index, April 2023. Statistics Canada

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