USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.04% | 5.4 Pips |  |
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| Week to-date | 0.6% | 81.3 Pips | |
||
| May | 0.6% | 81.3 Pips | |
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Upcoming key events (London Time)
Thu 05:50 PM CAD Bank of Canada’s Governor Tiff Macklem speech
Fri 01:30 PM USD Nonfarm Payroll Employment Fri 01:30 PM CAD Net Change in Employment
What happened lately
🇺🇸 Fed Interest Rate Decision (Federal Funds Rate) rose to 5.25% compared to previous rate 5% Federal Reserve 🇺🇸 Factory Orders (1-mth) in March exceed forecast and rose to 0.9% compared to previous figure -1.1, revised from -0.7% in February Census Bureau
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.04% to 1.36283. 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 1.35911 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36392 or trades above daily pivot 1.36152. Break above could target R1 at 1.36523. While to the downside, we are looking at 1.35911 (S1) and daily low of 1.35780 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36392 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 | 1.37135 |
| R2 | 1.36764 |
| R1 | 1.36523 |
| Daily Pivot | 1.36152 |
| S1 | 1.35911 |
| S2 | 1.3554 |
| S3 | 1.35299 |
You might be interested in:
Federal Reserve issues FOMC statement. Federal Reserve Manufacturers’ Shipments, Inventories, and Orders. Census Bureau Construction Spending. Census Bureau
Gross domestic product by industry: Provinces and territories, 2022. Statistics Canada
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