USDCAD on Thursday dropped -0.34% to 1.34762. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
PeriodPctChgMomentum
Thursday-0.34%-46.4 Pips
Week to-date0.37%50.2 Pips
January1.71%227 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)

What happened lately

🇺🇸 U.S. Gross Domestic Product Price Index in Q4 preliminary estimate below forecast and dropped to 1.5% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 preliminary estimate unchanged at 2% compared to previous report in Q3. The actual figure is also in line with the forecast Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods Orders excluding Transportation in December exceed forecast and rose to 0.6% compared to previous figure 0.4, revised from 0.5% in November Source: Census Bureau
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada

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What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.34% to 1.34762. Price is above 9-Day EMA while Stochastic is rising.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.34486 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35345 or trades above daily pivot 1.34916. Break above could target R1 at 1.35191. While to the downside, we are looking at 1.34486 (S1) and daily low of 1.34640 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34640 would indicate selling pressure.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

Key levels to watch out:

R31.35896
R21.35621
R11.35191
Daily Pivot1.34916
S11.34486
S21.34211
S31.33781

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