USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.28% | 38.3 Pips |  |
||
| Week to-date | 0.88% | 119.4 Pips | |
||
| May | -0.32% | -44.5 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
🇺🇸 U.S. New-Home Sales Change (1-mth) in April dropped to -4.7% compared to previous figure 5.4, revised from 8.8% in March 🇺🇸 In the week ending 18 May, U.S. Initial Unemployment Insurance Claims dropped to 215K compared to previous figure 223K (revised from 222K) Source: Department of Labor
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What can we expect from USDCAD today?
USDCAD on Thursday rose 0.28% to 1.37284. Price is above 9-Day EMA while Stochastic is rising.
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 R1 at 1.37639 with break above could target R2 at 1.37993 or figure level area. While towards the downside, we are looking at daily low of 1.36520 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37434 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 0.88% over the past few days.
Key levels to watch out:
| R3 | 1.38553 |
| R2 | 1.37993 |
| R1 | 1.37639 |
| Daily Pivot | 1.37079 |
| S1 | 1.36725 |
| S2 | 1.36165 |
| S3 | 1.35811 |
