USDCAD on Thursday rose 0.04% to 1.37170. How it happened.

USDCAD Analysis

Performance after Thursday
Thursday0.04%5.9 Pips
Week to-date0.45%62 Pips
October1.04%141.6 Pips

Upcoming key events (London Time)

Fri 01:00 AM USD President Joe Biden speech

What happened lately

🇺🇸 In the week ending 14 October, U.S. Initial Unemployment Insurance Claims dropped to 198K compared to previous figure 209K Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in October exceed forecast and improved to -9 points compared to previous figure -13.5 points in September
🇺🇸 U.S. Building Permits (1-mth) in September dropped to 1.475M compared to previous figure 1.541M (revised from 1.543M) Census Bureau


What can we expect from USDCAD today?

USDCAD on Thursday rose 0.04% to 1.37170. 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 1.37467 with break above could target R2 at 1.37763 or figure level area. While towards the downside, we are looking at daily low of 1.36760 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37410 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 0.45% over the past few days.

Key levels to watch out:

Daily Pivot1.37113

You might be interested in:

Powell, Opening Remarks. Federal Reserve
New Residential Construction. Census Bureau
Manufacturing and Trade Inventories and Sales. Census Bureau
Minutes of the Board’s discount rate meetings from August 21 and September 20, 2023. Federal Reserve
Advance Monthly Sales for Retail and Food Services. Census Bureau
Consumer Price Index, September 2023. Statistics Canada

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