USDCAD on Thursday dropped -0.12% to 1.33559. Pair in consolidation. What we know.
USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.12% | -15.7 Pips |  | ||
| Week to-date | -0.49% | -65.1 Pips |  | ||
| June | -1.58% | -214.1 Pips | | ||
Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment Fri 01:30 PM CAD Unemployment Rate
What happened lately
🇨🇦 Bank of Canada Policy Interest Rate exceed forecast and rose to 4.75% compared to previous rate 4.5% Bank of Canada
🇺🇸 U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$)
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.12% to 1.33559. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.3328 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.33879 or trades above daily pivot 1.33579. Break above could target R1 at 1.33859. While to the downside, we are looking at 1.3328 (S1) and daily low of 1.33300 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.33300 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.49%.
Key levels to watch out:
| R3 | 1.34438 |
| R2 | 1.34158 |
| R1 | 1.33859 |
| Daily Pivot | 1.33579 |
| S1 | 1.3328 |
| S2 | 1.33 |
| S3 | 1.32701 |
You might be interested in:
U.S. International Trade in Goods and Services, April 2023. Bureau of Economic Analysis
Bank of Canada raises policy rate 25 basis points, continues quantitative tightening. Bank of Canada U.S. International Trade in Goods and Services. Census Bureau Quarterly Financial Report. Census Bureau Quarterly Financial Report – Retail. Census Bureau Canadian international trade in services, April 2023. Statistics Canada Building permits, April 2023. Statistics Canada
#USDCAD Trending on Twitter
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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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