USDCAD on Wednesday dropped -0.03% to 1.35870. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.03%	-4.5 Pips
Week to-date	0.71%	96 Pips
December	0.23%	30.8 Pips

Upcoming key events (London Time)

Thu 05:40 PM CAD Bank of Canada’s Governor Tiff Macklem speech
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada
🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in November exceed forecast and rose to 54.7 compared to previous figure 53.4 in October
🇨🇦 Canada Ivey Purchasing Managers Index in November rose to 53.2 compared to previous figure 51.9 in October
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.03% to 1.35870. Price is below 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35559 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35962 or trades above daily pivot 1.35761. Break above could target R1 at 1.36071. While to the downside, we are looking at 1.35559 (S1) and daily low of 1.35450 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.35450 would indicate selling pressure.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out: