USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.05% | 7.1 Pips |  |
||
| Week to-date | 0.74% | 100.1 Pips |  |
||
| April | 1.09% | 147.1 Pips | |
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Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 U.S. Producer Price Index (1-mth) in March dropped to 0.2% compared to previous figure 0.6% in February 🇺🇸 U.S. Monthly Budget Statement in March improved to -236$ compared to previous figure -296$ in February Source: Bureau of the Fiscal Service
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.05% to 1.36851. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36529 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37256 or trades above daily pivot 1.36892. Break above could target R1 at 1.37215. While to the downside, we are looking at 1.36529 (S1) and daily low of 1.36570 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37256 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.74% over the past few days.
Key levels to watch out:
| R3 | 1.37901 |
| R2 | 1.37578 |
| R1 | 1.37215 |
| Daily Pivot | 1.36892 |
| S1 | 1.36529 |
| S2 | 1.36206 |
| S3 | 1.35843 |
