USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.33% | -45.6 Pips |  |
||
| Week to-date | -0.07% | -9.6 Pips |  |
||
| May | -0.7% | -97 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 04 May, U.S. Initial Unemployment Insurance Claims rose to 231K compared to previous figure 209K (revised from 208K) Source: Department of Labor
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.33% to 1.36734. 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 1.36476 with break below could see further selling pressure towards S2 at 1.36218. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.37380 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36670 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 | 1.37896 |
| R2 | 1.37638 |
| R1 | 1.37186 |
| Daily Pivot | 1.36928 |
| S1 | 1.36476 |
| S2 | 1.36218 |
| S3 | 1.35766 |
