USDCAD on Thursday rose 0.12% to 1.35453. What we know.

USDCAD Analysis

Performance after Thursday
Thursday0.12%15.6 Pips
Week to-date0.8%107.3 Pips
August2.73%359.7 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 In the week ending 12 August, U.S. Initial Unemployment Insurance Claims dropped to 239K compared to previous figure 250K (revised upward from 248K) Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in August exceed forecast and rose to 12 points compared to previous figure -13.5 points in July
🇺🇸 U.S. Industrial Production (1-mth) in July rose to 1% compared to previous figure -0.8% (revised from -0.5%)

USDCAD 4-hour Chart by TradingView

What can we expect from USDCAD today?

USDCAD on Thursday rose 0.12% to 1.35453. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

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

Looking ahead for the day, immediate upside resistance level is R1 at 1.35679 with break above could target R2 at 1.35904 or figure level area. While towards the downside, we are looking at daily low of 1.34920 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35525 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 0.8% over the past few days.

Key levels to watch out:

Daily Pivot1.35299

You might be interested in:

Minutes of the Federal Open Market Committee, July 25-26, 2023. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Advanced Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, June 2023. Statistics Canada
Consumer Price Index, July 2023. Statistics Canada

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