USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.61% | -83.6 Pips |  |
||
| Week to-date | -0.18% | -25 Pips |  |
||
| May | -0.18% | -25 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM CAD Net Change in Employment Fri 01:30 PM CAD Unemployment Rate
What happened lately
🇨🇦 Ivey Purchasing Managers Index in April dropped to 55.6 compared to previous figure 65.2 in March USD Nonfarm Business Labor Productivity in Q1 preliminary estimate dropped to -2.7% compared to previous figure 1.6% (revised from 1.7%). Bureau of Labor Statistics 🇺🇸 In the week ending 29 April, the Initial Unemployment Insurance Claims rose to 242K compared to previous figure 229K (revised from 230K) Department of Labor 🇺🇸 Goods and Services Trade Balance in March exceed forecast and improved to -64.2$ compared to previous figure -70.6, revised from -70.5$ in February 🇺🇸 Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5% Federal Reserve
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.61% to 1.35220. 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 1.34805 with break below could see further selling pressure towards S2 at 1.34391. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36324 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35150 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 | 1.37153 |
| R2 | 1.36739 |
| R1 | 1.35979 |
| Daily Pivot | 1.35565 |
| S1 | 1.34805 |
| S2 | 1.34391 |
| S3 | 1.33631 |
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