USDCAD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.7%	94.8 Pips
Week to-date	0.18%	25.2 Pips
October	0.8%	108.8 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD Michigan Index of Consumer Sentiment

What happened lately

🇺🇸 In the week ending 07 October, U.S. Initial Unemployment Insurance Claims rose to 209K compared to previous figure 207K Department of Labor
🇺🇸 U.S. CPI Inflation Rate excluding Food and Energy sectors (12-mth) in September dropped to 4.1% compared to previous figure 4.3% in August Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in September exceed forecast and rose to 2.2% compared to previous figure 2, revised from 1.6% in August

What can we expect from USDCAD today?

USDCAD on Thursday rose 0.7% to 1.36862. Price is above 9-Day EMA while Stochastic is rising.

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 1.37331 with break above could target R2 at 1.37799 or figure level area. While towards the downside, we are looking at daily low of 1.35740 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37004 may suggest continuation after recent positive movement.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

You might be interested in:

Minutes of the Federal Open Market Committee, September 19-20, 2023. Federal Reserve
Monthly Wholesale Trade: Sales and Inventories. Census Bureau
Building permits, August 2023. Statistics Canada