USDCAD on Wednesday dropped -0.31% to 1.37278. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.31%	-42.7 Pips
Week to-date	0.44%	59.8 Pips
May	-0.32%	-43.4 Pips

Upcoming key events (London Time)

Thu 01:45 PM CAD Bank of Canada’s Governor Tiff Macklem speech
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in March dropped to 8.488M compared to previous figure 8.813, revised from 8.756M in February Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in February rose to 1.2% compared to previous figure -0.1% in January
🇨🇦 Canada GDP (1-mth) in February dropped to 0.2% compared to previous figure 0.5, revised from 0.6% in January Source: Statistics Canada

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.31% to 1.37278. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36929 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37830 or trades above daily pivot 1.37379. Break above could target R1 at 1.37729. While to the downside, we are looking at 1.36929 (S1) and daily low of 1.37030 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.37030 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: