USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.68% | -90.8 Pips |  |
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| Week to-date | -0.74% | -98.7 Pips | |
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| December | -2.06% | -279.7 Pips |  |
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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
🇺🇸 U.S. Personal Consumption Expenditures Prices (3-mth) in Q3 below forecast and dropped to 2.6% compared to previous figure 2.8% in Q2 Source: Bureau of Economic Analysis 🇺🇸 U.S. Gross Domestic Product Price Index in Q3 below forecast and dropped to 3.3% compared to previous figure 3.5% in Q2 Source: Bureau of Economic Analysis 🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in December below forecast and dropped to -10.5 points compared to previous figure -5.9 points in November
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.68% to 1.32780. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
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 1.3246 with break below could see further selling pressure towards S2 at 1.3214. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.33600 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.32710 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.74%.
Key levels to watch out:
| R3 | 1.3424 |
| R2 | 1.3392 |
| R1 | 1.3335 |
| Daily Pivot | 1.3303 |
| S1 | 1.3246 |
| S2 | 1.3214 |
| S3 | 1.3157 |
