USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.23% | -31.2 Pips |  |
||
| Week to-date | 0.48% | 65 Pips |  |
||
| April | 0.68% | 92.1 Pips |  |
||
Upcoming key events (London Time)
No major events for the day.
What happened lately
USD Pending Home Sales (1-mth) in March rose to 0.8% compared to previous figure 0.8%. 🇺🇸 Core Personal Consumption Expenditures (3-mth) in Q1 preliminary estimate exceed forecast and rose to 4.9% compared to previous figure 4.4% in Q4 Bureau of Economic Analysis 🇺🇸 GDP Annualized in Q1 preliminary estimate below forecast and dropped to 1.1% compared to previous figure 2.6% in Q4 Bureau of Economic Analysis 🇺🇸 In the week ending 22 April, the Initial Unemployment Insurance Claims dropped to 230K compared to previous figure 245K Department of Labor USD Durable Goods Orders excluding Transportation in March rose to 0.3% compared to previous figure -0.3% (revised from 0%). Census Bureau
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.23% to 1.36010. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35756 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36451 or trades above daily pivot 1.36104. Break above could target R1 at 1.36357. While to the downside, we are looking at 1.35756 (S1) and daily low of 1.35850 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.35850 would indicate selling pressure.
For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.48% over the past few days.
Key levels to watch out:
| R3 | 1.36958 |
| R2 | 1.36705 |
| R1 | 1.36357 |
| Daily Pivot | 1.36104 |
| S1 | 1.35756 |
| S2 | 1.35503 |
| S3 | 1.35155 |
You might be interested in:
Gross Domestic Product, First Quarter 2023 (Advance Estimate). Bureau of Economic Analysis
Payroll employment, earnings and hours, and job vacancies, February 2023. Statistics Canada Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau Advance Retail Inventories. Census Bureau Advance U.S. International Trade in Goods. Census Bureau Advance Wholesale Inventories. Census Bureau New Home Sales. Census Bureau Monthly Survey of Manufacturing: Flash estimate, March 2023. Statistics Canada
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