USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.24% | -32.9 Pips |  |
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| Week to-date | 0.14% | 18.7 Pips |  |
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| May | -0.64% | -88.2 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM CAD GDP (12-mth)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
What happened lately
🇨🇦 Canada Current Account in Q1 dropped to -5.37B compared to previous figure -4.51, revised from -1.62B in Q4 Source: Statistics Canada 🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.3% compared to previous figure 1.6% in Q4 Source: Bureau of Economic Analysis 🇺🇸 In the week ending 25 May, U.S. Initial Unemployment Insurance Claims rose to 219K compared to previous figure 216K (revised from 215K) Source: Department of Labor
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.24% to 1.36817. 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 1.36462 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37347 or trades above daily pivot 1.36905. Break above could target R1 at 1.37259. While to the downside, we are looking at 1.36462 (S1) and daily low of 1.36550 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36550 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 | 1.38056 |
| R2 | 1.37702 |
| R1 | 1.37259 |
| Daily Pivot | 1.36905 |
| S1 | 1.36462 |
| S2 | 1.36108 |
| S3 | 1.35665 |
