USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	0.58%	77.2 Pips
Week to-date	0.68%	90 Pips
August	1.21%	159.5 Pips

Upcoming key events (London Time)

Thu 03:00 PM USD ISM Services PMI
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM CAD Net Change in Employment

What happened lately

🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 9.582M compared to previous figure 9.616M (revised from 9.824M)

What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.58% to 1.33410. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Wednesday trading session.

Looking ahead for the day, immediate upside resistance level is R1 at 1.33747 with break above could target R2 at 1.34083 or figure level area. While towards the downside, we are looking at daily low of 1.32640 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.33530 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.68% over the past few days.

Key levels to watch out:

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