USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.92% | 123.4 Pips |  |
||
| Week to-date | 0.9% | 119.9 Pips |  |
||
| May | -0.41% | -56.1 Pips |  |
||
Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 06 May, the Initial Unemployment Insurance Claims rose to 264K compared to previous figure 242K Department of Labor 🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Bureau of Labor Statistics
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.92% to 1.34909. 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 1.35379 with break above could target R2 at 1.3585 or figure level area. While towards the downside, we are looking at daily low of 1.33590 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.34955 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 | 1.36744 |
| R2 | 1.3585 |
| R1 | 1.35379 |
| Daily Pivot | 1.34485 |
| S1 | 1.34014 |
| S2 | 1.3312 |
| S3 | 1.32649 |
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In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA).. Bureau of Labor Statistics Publications
Building permits, March 2023. Statistics Canada
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