USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.26% | -35.7 Pips |  |
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| Week to-date | -0.07% | -10 Pips |  |
||
| April | -0.08% | -10.5 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in February rose to 8.756M compared to previous figure 8.748, revised from 8.863M in January Source: Bureau of Labor Statistics 🇺🇸 U.S. Factory Orders (1-mth) in February rose to 1.4% compared to previous figure -3.8, revised from -3.6% in January Source: Census Bureau
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What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.26% to 1.35270. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.3493 with break below could see further selling pressure towards S2 at 1.3459. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35890 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.35070 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:
| R3 | 1.3657 |
| R2 | 1.3623 |
| R1 | 1.3575 |
| Daily Pivot | 1.3541 |
| S1 | 1.3493 |
| S2 | 1.3459 |
| S3 | 1.3411 |
