USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.26% | -35 Pips |  |
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| Week to-date | -0.27% | -36.7 Pips |  |
||
| July | -0.27% | -36.6 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment Fri 01:30 PM CAD Unemployment Rate
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 U.S. Factory Orders (1-mth) in May dropped to -0.5% compared to previous figure 0.4, revised from 0.7% in April Source: Census Bureau 🇺🇸 In the week ending 29 June, U.S. Initial Unemployment Insurance Claims rose to 238K compared to previous figure 233K Source: Department of Labor 🇺🇸 U.S. Challenger Job Cuts in June dropped to 48.786K compared to previous figure 63.816K in May
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What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.26% to 1.36360. Price is below 9-Day EMA while Stochastic is falling.
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 1.36044 with break below could see further selling pressure towards S2 at 1.35729. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.36867 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.36140 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 | 1.37498 |
| R2 | 1.37183 |
| R1 | 1.36771 |
| Daily Pivot | 1.36456 |
| S1 | 1.36044 |
| S2 | 1.35729 |
| S3 | 1.35317 |
