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USDCAD on Thursday dropped -0.35% to 1.36551. Pair in consolidation. What we know.

USDCAD on Thursday dropped -0.35% to 1.36551. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Period Pct Chg Momentum
Thursday -0.35% -47.6 Pips
Week to-date -0.65% -89.9 Pips
April 0.87% 118.2 Pips

Upcoming key events (London Time)

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

๐Ÿ‡บ๐Ÿ‡ธ U.S. Core Personal Consumption Expenditures (3-mth) in Q1 flash estimate rose to 3.7% compared to previous figure 2% in Q4 Source: Bureau of Economic Analysis
๐Ÿ‡บ๐Ÿ‡ธ U.S. GDP Annualized in Q1 flash estimate dropped to 1.6% compared to previous figure 3.4% in Q4 Source: Bureau of Economic Analysis
๐Ÿ‡บ๐Ÿ‡ธ In the week ending 20 April, U.S. Initial Unemployment Insurance Claims dropped to 207K compared to previous figure 212K Source: Department of Labor
๐Ÿ‡จ๐Ÿ‡ฆ Canada Retail Trade excluding Automobile (1-mth) in February dropped to -0.3% compared to previous figure 0.4, revised from 0.5% in January Source: Statistics Canada
๐Ÿ‡บ๐Ÿ‡ธ U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau

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What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.35% to 1.36551. Price is below 9-Day EMA while Stochastic is rising in oversold zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36231 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37309 or trades above daily pivot 1.3677. Break above could target R1 at 1.3709. While to the downside, we are looking at 1.36231 (S1) and daily low of 1.36450 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36450 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.65%.

Key levels to watch out:

R3 1.37949
R2 1.37629
R1 1.3709
Daily Pivot 1.3677
S1 1.36231
S2 1.35911
S3 1.35372

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