USDCAD on Thursday rose 0.34% to 1.34973. What we know.
USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.34% | 46.3 Pips |  | ||
| Week to-date | -0.1% | -13.7 Pips |  | ||
| April | -0.11% | -15 Pips | | ||
Upcoming key events (London Time)
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
📆 🇨🇦 CAD Ivey Purchasing Managers Index | Mar in March rose to 65.2 compared to previous figure 50.8 in February. 📆 ☢️ 🇨🇦 CAD Unemployment Rate | Mar in March unchanged at 5% compared to previous report in February. . Statistics Canada 🇺🇸 📆 USD In the week ending 01 April, the Initial Unemployment Insurance Claims rose to 228K compared to previous figure 198K. Department of Labor 📆 🇺🇸 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.
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.34% to 1.34973. 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 Thursday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.35195 with break above could target R2 at 1.35418 or figure level area. While towards the downside, we are looking at daily low of 1.34480 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35060 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.1%.
Key levels to watch out:
| R3 | 1.35775 |
| R2 | 1.35418 |
| R1 | 1.35195 |
| Daily Pivot | 1.34838 |
| S1 | 1.34615 |
| S2 | 1.34258 |
| S3 | 1.34035 |
You might be interested in:
Labour Force Survey, March 2023. Statistics Canada
U.S. International Trade in Goods and Services, February 2023. Bureau of Economic Analysis 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
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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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