USDCAD on Thursday dropped -0.13% to 1.34869. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Thursday-0.13%-17.4 Pips
Week to-date0.6%79.9 Pips
January1.82%240.9 Pips

Upcoming key events (London Time)

No major events for the day.

What happened lately

🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November

Latest from X (Twitter)

What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.13% to 1.34869. 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 1.34653 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35280 or trades above daily pivot 1.34966. Break above could target R1 at 1.35183. While to the downside, we are looking at 1.34653 (S1) and daily low of 1.34750 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34750 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 0.6% over the past few days.

Key levels to watch out:

Daily Pivot1.34966

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