USDCAD on Thursday rose 0.18% to 1.34444. Pair in consolidation. What we know.
|Performance after Thursday|
|Week to-date||0.5%||67.4 Pips|
Upcoming key events (London Time)
Fri 01:30 PM USD Producer Price Index excluding Food and Energy sectors (12-mth)
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened lately
🇺🇸 In the week ending 05 August, U.S. Initial Unemployment Insurance Claims rose to 248K compared to previous figure 227K Department of Labor
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.18% to 1.34444. Price is above 9-Day EMA while Stochastic is falling in overbought zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.33916 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.34500 or trades above daily pivot 1.34208. Break above could target R1 at 1.34736. While to the downside, we are looking at 1.33916 (S1) and daily low of 1.33680 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.34500 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 0.5% over the past few days.
Key levels to watch out:
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