USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.26% | 34.7 Pips |  |
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| Week to-date | -0.09% | -11.8 Pips |  |
||
| March | -0.36% | -48.2 Pips | |
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Upcoming key events (London Time)
Fri 01:00 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February 🇺🇸 U.S. Interest Rate Projections – 2nd year dropped to 3.1% compared to previous rate 3.6% 🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve 🇺🇸 U.S. Interest Rate Projections – Longer rose to 2.6% compared to previous rate 2.5% 🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6% 🇺🇸 U.S. Interest Rate Projections dropped to 4.6% compared to previous rate 5.4%
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What can we expect from USDCAD today?
USDCAD on Thursday rose 0.26% to 1.35292. Price is above 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34729 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35416 or trades above daily pivot 1.35073. Break above could target R1 at 1.35635. While to the downside, we are looking at 1.34729 (S1) and daily low of 1.34510 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35416 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.36541 |
| R2 | 1.35979 |
| R1 | 1.35635 |
| Daily Pivot | 1.35073 |
| S1 | 1.34729 |
| S2 | 1.34167 |
| S3 | 1.33823 |
