USDCAD on Thursday dropped -0.18% to 1.35600. End November down by -2.25% or -312 pips lower. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Thursday-0.18%-24 Pips
Week to-date-0.54%-74 Pips
November-2.25%-312 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM CAD Unemployment Rate
Fri 04:00 PM USD Federal Reserve Chair Jerome Powell speech

What happened lately

🇨🇦 Canada GDP (12-mth) in Q3 dropped to -1.1% compared to previous figure 1.4% (revised from -0.2%) Source: Statistics Canada
🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇨🇦 Canada GDP (1-mth) in September rose to 0.1% compared to previous figure 0% in August Source: Statistics Canada
🇨🇦 Canada GDP (3-mth) in Q3 below forecast and dropped to -0.3% compared to previous figure 0% in Q2 Source: Statistics Canada

Latest from X (Twitter)

What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.18% to 1.35600. Price is below 9-Day EMA while Stochastic is falling in oversold zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35292 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.36265 or trades above daily pivot 1.35778. Break above could target R1 at 1.36087. While to the downside, we are looking at 1.35292 (S1) and daily low of 1.35470 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.35470 would indicate selling pressure.

For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.54%.

USDCAD ended month of November trading session down by -2.25% or -312 pips lower.

Key levels to watch out:

Daily Pivot1.35778

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