USDCAD on Wednesday dropped -0.26% to 1.35648. End May up by 0.12% or 16.7 pips higher. Pair in consolidation. What we know.
|Performance after Wednesday|
|Week to-date||-0.35%||-48.2 Pips|
Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇨🇦 GDP (1-mth) in March exceed forecast and dropped to 0% compared to previous figure 0.1% in February Statistics Canada
🇨🇦 Canada GDP (12-mth) in Q1 rose to 3.1% compared to previous figure -0.1% (revised from 0%) Statistics Canada
🇨🇦 GDP (3-mth) in Q1 exceed forecast and rose to 0.8% compared to previous figure 0% in Q4 Statistics Canada
🇺🇸 U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)
🇨🇦 Canada Current Account in Q1 rose to -6.17B compared to previous figure -8.05B (revised from -10.64B) Statistics Canada
What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.26% to 1.35648. Price is below 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35328 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36511 or trades above daily pivot 1.3592. Break above could target R1 at 1.36239. While to the downside, we are looking at 1.35328 (S1) and daily low of 1.35600 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.35600 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
USDCAD ended month of May trading session up by 0.12% or 16.7 pips higher.
Key levels to watch out:
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Gross domestic product by industry, March 2023. Statistics Canada
Gross domestic product, income and expenditure, first quarter 2023. Statistics Canada
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023. Federal Reserve
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