USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.65% | 88.3 Pips |  |
||
| Week to-date | 0.68% | 91.8 Pips | |
||
| May | 0.32% | 43.2 Pips |  |
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Upcoming key events (London Time)
Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened lately
🇺🇸 New Residential Sales (1-mth) in April exceed forecast and rose to 0.683M compared to previous figure 0.656, revised from 0.683M in March Census Bureau
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.65% to 1.35898. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks bullish as the pair ended higher after Wednesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.36328 with break above could target R2 at 1.36758 or figure level area. While towards the downside, we are looking at daily low of 1.34930 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36059 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.68% over the past few days.
Key levels to watch out:
| R3 | 1.37457 |
| R2 | 1.36758 |
| R1 | 1.36328 |
| Daily Pivot | 1.35629 |
| S1 | 1.35199 |
| S2 | 1.345 |
| S3 | 1.3407 |
You might be interested in:
Minutes of the Federal Open Market Committee, May 2-3, 2023. Federal Reserve New Home Sales. Census Bureau Gross Domestic Product for the U.S. Virgin Islands, 2021. Bureau of Economic Analysis
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