USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.6% | -81.9 Pips |  |
||
| Week to-date | 0.03% | 4.3 Pips |  |
||
| February | 0.21% | 27.7 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD PPI excluding Food and Energy sectors (12-mth)
What happened lately
🇺🇸 U.S. Industrial Production (1-mth) in January dropped to -0.1% compared to previous figure 0.1% 🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in February rose to 5.2 points compared to previous figure -10.6 points in January 🇺🇸 U.S. Monthly Retail Trade (1-mth) in January dropped to -0.8% compared to previous figure 0.4, revised from 0.6% in December Source: Census Bureau 🇺🇸 In the week ending 10 February, U.S. Initial Unemployment Insurance Claims dropped to 212K compared to previous figure 220K (revised from 218K) Source: Department of Labor 🇺🇸 U.S. New York Empire State Manufacturing Index in February improved to -2.4 points compared to previous figure -43.7 points in January
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.6% to 1.34614. 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 1.34283 with break below could see further selling pressure towards S2 at 1.33951. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35520 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34570 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 | 1.36183 |
| R2 | 1.35851 |
| R1 | 1.35233 |
| Daily Pivot | 1.34901 |
| S1 | 1.34283 |
| S2 | 1.33951 |
| S3 | 1.33333 |
