USDCAD on Thursday dropped -0.01% to 1.33510. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Thursday-0.01%-0.9 Pips
Week to-date0.79%105 Pips
January0.81%106.7 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Unemployment Rate
Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM USD Average Hourly Earnings (12-mth)
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Challenger Job Cuts in December dropped to 34.817K compared to previous figure 45.51K in November
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in November below forecast and dropped to 8.79M compared to previous figure 8.852, revised from 8.733M in October Source: Bureau of Labor Statistics

Latest from X (Twitter)

What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.01% to 1.33510. Price is above 9-Day EMA while Stochastic is rising in overbought zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.332 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.33659 or trades above daily pivot 1.3343. Break above could target R1 at 1.33739. While to the downside, we are looking at 1.332 (S1) and daily low of 1.33120 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.33120 would indicate selling pressure.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.79% over the past few days.

Key levels to watch out:

Daily Pivot1.3343

Leave a comment

Your email address will not be published. Required fields are marked *