USDCAD on Wednesday rose 0.17% to 1.34509. What we know.
USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.17% | 22.2 Pips |  | ||
| Week to-date | -0.38% | -50.9 Pips |  | ||
| April | -0.53% | -71.1 Pips |  | ||
Upcoming key events (London Time)
Thu 01:30 PM CAD Net Change in Employment | Mar Thu 01:30 PM CAD Unemployment Rate | Mar 
Fri 06:00 AM USD Good Friday Fri 06:00 AM CAD Good Friday Fri 01:30 PM USD Nonfarm Payroll Employment | Mar
What happened lately
📆 🇺🇸 USD S&P Global Composite PMI | Mar in March below forecast and dropped to 52.3 points compared to previous figure 53.3 points in February. 📆 🇺🇸 USD Goods and Services Trade Balance | Feb in February exceed forecast and dropped to -70.5$ compared to previous figure -68.7, revised from -68.3$ in January. 📆 🇺🇸 USD Factory Orders (1-mth) | Feb in February exceed forecast and improved to -0.7% compared to previous figure -2.1, revised from -1.6% in January. 📆 🇺🇸 USD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 49.2 points compared to previous figure 49.3 points in February. 📆 🇨🇦 CAD S&P Global Manufacturing PMI | Mar in March below forecast and dropped to 48.6 points compared to previous figure 52.4 points in February.
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.17% to 1.34509. Price is below 9-Day EMA while Stochastic is in oversold zone.
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 1.34819 with break above could target R2 at 1.3513 or figure level area. While towards the downside, we are looking at daily low of 1.34220 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.34830 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 | 1.35429 |
| R2 | 1.3513 |
| R1 | 1.34819 |
| Daily Pivot | 1.3452 |
| S1 | 1.34209 |
| S2 | 1.3391 |
| S3 | 1.33599 |
You might be interested in:
U.S. International Trade in Goods and Services. Census Bureau Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Canadian international trade in services, February 2023. Statistics Canada February job openings and layoffs and discharges decrease; quits edge up. Bureau of Labor Statistics Publications Building permits, February 2023. Statistics Canada Construction Spending. Census Bureau Business Outlook Survey—First Quarter of 2023. Bank of Canada
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https://youtu.be/sH-DbpXM6X0
The USD/CAD has gone back and forth during the trading week as we continue to see the 1.38 level offer resistance. If the market can break above there, then it’s possible that we could go looking to the 1.40 level #USDCAD #globalmarkets #fx #trading
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