USDCAD on Thursday dropped -0.77% to 1.32170. What we know.
|Performance after Thursday|
|Week to-date||-0.93%||-124 Pips|
Upcoming key events (London Time)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 10 June, Initial Unemployment Insurance Claims in U.S. was unchanged at 262K compared to previous figure 262K (revised from 261K) Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in June below forecast and dropped to -13.7 points compared to previous figure -10.4 points in May
🇺🇸 U.S. Monthly Retail Trade (1-mth) in May exceed forecast and dropped to 0.3% compared to previous figure 0.4, revised from 0.4% in April Census Bureau
🇺🇸 U.S. Interest Rate Projections rose to 5.6% compared to previous rate 5.1%
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.25% compared to previous rate 5.25% Federal Reserve
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.77% to 1.32170. Price is below 9-Day EMA while Stochastic is falling in oversold zone.
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 1.31632 with break below could see further selling pressure towards S2 at 1.31093. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.33545 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.32050 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.93%.
Key levels to watch out:
You might be interested in:
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, April 2023. Statistics Canada
Federal Reserve Board and Federal Open Market Committee release economic projections from the June 13-14 FOMC meeting. Federal Reserve
Federal Reserve issues FOMC statement. Federal Reserve
CPI for all items rises 0.1% in May; shelter and used cars and trucks up. Bureau of Labor Statistics
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