USDCAD on Thursday rose 0.53% to 1.37536. What we know.
|Performance after Thursday|
|Week to-date||-0.31%||-43.4 Pips|
Upcoming key events (London Time)
No major events for the day.
What happened lately
🇺🇸 U.S. Industrial Production (1-mth) in October dropped to -0.6% compared to previous figure 0.1% (revised from 0.3%)
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in November below forecast and improved to -5.9 points compared to previous figure -9 points in October
🇺🇸 U.S. New York Empire State Manufacturing Index in November exceed forecast and rose to 9.1 points compared to previous figure -4.6 points in October
🇺🇸 U.S. Producer Price Index (12-mth) in October below forecast and dropped to 1.3% compared to previous figure 2.2% in September
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What can we expect from USDCAD today?
USDCAD on Thursday rose 0.53% to 1.37536. Price is above 9-Day EMA while Stochastic is falling.
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 1.37955 with break above could target R2 at 1.38375 or figure level area. While towards the downside, we are looking at daily low of 1.36740 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37767 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:
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Manufacturing and Trade Inventories and Sales. Census Bureau
Advance Monthly Sales for Retail and Food Services. Census Bureau
Monthly Survey of Manufacturing, September 2023. Statistics Canada
CPI for all items unchanged in October; shelter up. Bureau of Labor Statistics