USDCAD on Thursday dropped -0.91% to 1.34467. What we know.
USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.91% | -123.3 Pips |  | ||
| Week to-date | -1.21% | -165.2 Pips | | ||
| June | -0.9% | -122.2 Pips |  | ||
Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
🇺🇸 In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Department of Labor 🇺🇸 Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Bureau of Labor Statistics 🇺🇸 U.S. ADP Non-Farm Employment Change in May dropped to 278K compared to previous figure 291K (revised from 296K) 
🇨🇦 Canada 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 🇨🇦 Canada GDP (3-mth) in Q1 exceed forecast and rose to 0.8% compared to previous figure 0% in Q4 Statistics Canada
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.91% to 1.34467. Price is below 9-Day EMA while Stochastic is falling.
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 1.33908 with break below could see further selling pressure towards S2 at 1.33349. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35850 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34320 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -1.21%.
Key levels to watch out:
| R3 | 1.36968 |
| R2 | 1.36409 |
| R1 | 1.35438 |
| Daily Pivot | 1.34879 |
| S1 | 1.33908 |
| S2 | 1.33349 |
| S3 | 1.32378 |
You might be interested in:
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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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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