USDCAD on Thursday rose 0.21% to 1.3832. Looking bullish. What you need to know before the next trade.

USDCAD on Thursday rose 0.21% to 1.3832. Looking bullish. What you need to know before the next trade.

Open High Low Close
1.37972 1.38370 1.37490 1.38323

Performance after Thursday
Period Pct Chg Momentum
Thursday 0.21% 28.7 Pips
Week to-date 1.78% 241.3 Pips
March 1.74% 236.7 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM CAD Employment Change
Fri 01:30 PM CAD Unemployment Rate
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

๐Ÿ‡บ๐Ÿ‡ธ ๐Ÿ“† USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
๐Ÿ“† โ˜ข๏ธ ๐Ÿ‡จ๐Ÿ‡ฆ CAD Bank of Canada Policy Interest Rate unchanged at 4.5% compared to previous rate 4.5%. Source
๐Ÿ“† ๐Ÿ‡บ๐Ÿ‡ธ USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source

What can we expect from USDCAD today?

USDCAD on Thursday rose 0.21% to 1.3832. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Thursday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.38632 (R1) while on the downside, we are looking at daily low of 1.3749 as an important support. Break below this level could weaken the current bullish momentum. USDCAD need to break on either side to indicate a short-term bias. A break above 1.3837 would suggest bullish bias 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 1.78% over the past few days.

Key levels to watch out:

R3 1.39512
R2 1.38941
R1 1.38632
Daily Pivot 1.38061
S1 1.37752
S2 1.37181
S3 1.36872

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