USDCAD on Thursday rose 0.06% to 1.36947. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
PeriodPctChgMomentum
Thursday0.06%8.1 Pips
Week to-date-0.17%-23.3 Pips
November-1.29%-178.6 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Census Bureau

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What can we expect from USDCAD today?

USDCAD on Thursday rose 0.06% to 1.36947. Price is below 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36569 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37108 or trades above daily pivot 1.36838. Break above could target R1 at 1.37217. While to the downside, we are looking at 1.36569 (S1) and daily low of 1.36460 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.37108 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:

R31.37865
R21.37486
R11.37217
Daily Pivot1.36838
S11.36569
S21.3619
S31.35921

You might be interested in:

Advance Monthly Manufacturers’ Shipments, Inventories, and Orders. Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023. Federal Reserve
New Housing Price Index, October 2023. Statistics Canada
Consumer Price Index, October 2023. Statistics Canada

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