USDCAD on Thursday dropped -0.42% to 1.34562. What we know.

USDCAD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.42%	-57.1 Pips
Week to-date	-0.71%	-96.8 Pips
March	-0.9%	-121.6 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 In the week ending 02 March, Initial Unemployment Insurance Claims in U.S. was unchanged at 217K compared to previous figure 217K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q4 unchanged at 3.2% compared to previous report in Q3. Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in February rose to 84.638K compared to previous figure 82.307K in January
🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in February dropped to 53.9 compared to previous figure 56.5 in January
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada

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What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.42% to 1.34562. Price is below 9-Day EMA while Stochastic is falling.

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 1.34283 with break below could see further selling pressure towards S2 at 1.34004. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35255 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34490 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.71%.

Key levels to watch out: