USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.49% | -67.9 Pips |  |
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| Week to-date | 0% | -0.5 Pips |  |
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| May | -0.75% | -103.4 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD Average Hourly Earnings (1-mth) Fri 01:30 PM USD Average Hourly Earnings (12-mth) Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 U.S. Factory Orders (1-mth) in March rose to 1.6% compared to previous figure 1.2, revised from 1.4% in February Source: Census Bureau 🇺🇸 U.S. Unit Labor Costs in Q1 preliminary estimate rose to 0.4% compared to previous figure 0.4% Source: Bureau of Labor Statistics 🇺🇸 U.S. Challenger Job Cuts in April dropped to 64.789K compared to previous figure 90.309K in March 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in March dropped to 8.488M compared to previous figure 8.813, revised from 8.756M in February Source: Bureau of Labor Statistics
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.49% to 1.36675. 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 1.36415 with break below could see further selling pressure towards S2 at 1.36154. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.37366 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36630 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 | 1.37887 |
| R2 | 1.37626 |
| R1 | 1.37151 |
| Daily Pivot | 1.3689 |
| S1 | 1.36415 |
| S2 | 1.36154 |
| S3 | 1.35679 |
