USDCAD on Thursday rose 0.04% to 1.33500. Pair in consolidation. What we know.
|Performance after Thursday|
|Week to-date||0.75%||99 Pips|
Upcoming key events (London Time)
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. Factory Orders (1-mth) in June exceed forecast and rose to 2.3% compared to previous figure 0.4, revised from 0.3% in May Census Bureau
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q2 preliminary estimate rose to 3.7% compared to previous figure -1.2% (revised from -2.1%) Bureau of Labor Statistics
🇺🇸 U.S. ADP Non-Farm Employment Change in July exceed forecast and dropped to 324K compared to previous figure 497K in June
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.04% to 1.33500. Price is above 9-Day EMA while Stochastic is rising in overbought zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.3324 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.33779 or trades above daily pivot 1.3351. Break above could target R1 at 1.33769. While to the downside, we are looking at 1.3324 (S1) and daily low of 1.33250 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.33779 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 0.75% over the past few days.
Key levels to watch out:
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