USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.05% | 6.2 Pips |  |
||
| Week to-date | -0.28% | -37.9 Pips |  |
||
| May | 0.04% | 5.1 Pips | |
||
Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Department of Labor 🇺🇸 Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Bureau of Labor Statistics
🇨🇦 Canada GDP (1-mth) in March exceed forecast and dropped to 0% compared to previous figure 0.1% in February Statistics Canada 🇨🇦 Canada GDP (12-mth) in Q1 rose to 3.1% compared to previous figure -0.1% (revised from 0%) Statistics Canada 🇨🇦 Canada GDP (3-mth) in Q1 exceed forecast and rose to 0.8% compared to previous figure 0% in Q4 Statistics Canada
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.05% to 1.35762. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35598 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35850 or trades above daily pivot 1.35724. Break above could target R1 at 1.35888. While to the downside, we are looking at 1.35598 (S1) and daily low of 1.35560 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35850 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:
| R3 | 1.36178 |
| R2 | 1.36014 |
| R1 | 1.35888 |
| Daily Pivot | 1.35724 |
| S1 | 1.35598 |
| S2 | 1.35434 |
| S3 | 1.35308 |
You might be interested in:
Gross domestic product by industry, March 2023. Statistics Canada Gross domestic product, income and expenditure, first quarter 2023. Statistics Canada
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023. Federal Reserve
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