USDCAD on Wednesday dropped -0.24% to 1.38390. Pair in consolidation. What we know.
|Performance after Wednesday|
|Week to-date||-0.22%||-31.1 Pips|
Upcoming key events (London Time)
Fri 12:30 PM USD Nonfarm Payroll Employment
Fri 12:30 PM CAD Net Change in Employment
What happened lately
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Federal Reserve
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in September exceed forecast and rose to 9.553M compared to previous figure 9.497, revised from 9.61M in August Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in August exceed forecast and dropped to 0.6% compared to previous figure 0.8% in July
🇺🇸 U.S. Employment Cost Index in Q3 exceed forecast and rose to 1.1% compared to previous figure 1% in Q2
🇨🇦 Canada GDP (1-mth) in August unchanged at 0% compared to previous report in July. Statistics Canada
What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.24% to 1.38390. 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 1.38177 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.38989 or trades above daily pivot 1.38583. Break above could target R1 at 1.38796. While to the downside, we are looking at 1.38177 (S1) and daily low of 1.38370 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.38370 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
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