USDCAD on Thursday dropped -0.76% to 1.33375. What we know.
|Performance after Thursday|
|Week to-date||-1.3%||-176.2 Pips|
Upcoming key events (London Time)
Fri 01:30 PM USD Retail Trade Turnover (1-mth) | Mar
Fri 03:00 PM USD Michigan Index of Consumer Sentiment | Apr flash
What happened lately
🇺🇸 📆 USD In the week ending 08 April, the Initial Unemployment Insurance Claims rose to 239K compared to previous figure 228K Department of Labor
📆 🇨🇳 CNY Trade Balance in USD | Mar in March exceed forecast and dropped to 88.19$ compared to previous figure 116.8$ in February
📆 🇺🇸 USD Monthly Budget Statement | Mar in March exceed forecast and dropped to -378$ compared to previous figure -262$ in February.
📆 ☢️ 🇨🇦 CAD Bank of Canada Policy Interest Rate unchanged at 4.5% compared to previous rate 4.5%. Bank of Canada
📆 🇺🇸 USD CPI Inflation Rate (12-mth) | Mar in March below forecast and dropped to 5% compared to previous figure 6% in February Bureau of Labor Statistics
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.76% to 1.33375. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.32951 with break below could see further selling pressure towards S2 at 1.32526. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.34478 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.33290 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -1.3%.
Key levels to watch out:
You might be interested in:
Minutes of the Federal Open Market Committee, March 21-22, 2023. Federal Reserve
Bank of Canada maintains policy rate, continues quantitative tightening. Bank of Canada
Monetary Policy Report – April 2023. Bank of Canada
CPI for all items rises 0.1% in March as shelter increases. Bureau of Labor Statistics Publications
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