USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.01% | 1.3 Pips |  |
||
| Week to-date | 0.31% | 42 Pips | |
||
| May | -0.33% | -45.6 Pips |  |
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Upcoming key events (London Time)
Thu 04:00 PM CAD Bank of Canada’s Governor Tiff Macklem speech Fri 01:30 PM CAD Net Change in Employment
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇨🇦 Canada Ivey Purchasing Managers Index in April rose to 65.7 compared to previous figure 63 in March
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.01% to 1.37250. 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 1.37038 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37625 or trades above daily pivot 1.37332. Break above could target R1 at 1.37543. While to the downside, we are looking at 1.37038 (S1) and daily low of 1.37120 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37625 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 | 1.38048 |
| R2 | 1.37837 |
| R1 | 1.37543 |
| Daily Pivot | 1.37332 |
| S1 | 1.37038 |
| S2 | 1.36827 |
| S3 | 1.36533 |
