USDCAD on Wednesday rose 0.26% to 1.34312. End January up by 1.4% or 185.2 pips higher. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Wednesday
Wednesday0.26%35.2 Pips
Week to-date-0.12%-15.8 Pips
January1.4%185.2 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇨🇦 Canada GDP (1-mth) in November exceed forecast and rose to 0.2% compared to previous figure 0% in October Source: Statistics Canada
🇺🇸 U.S. Employment Cost Index in Q4 below forecast and dropped to 0.9% compared to previous figure 1.1% in Q3
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.

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What can we expect from USDCAD today?

USDCAD on Wednesday rose 0.26% to 1.34312. 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 1.33748 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.34461 or trades above daily pivot 1.34104. Break above could target R1 at 1.34669. While to the downside, we are looking at 1.33748 (S1) and daily low of 1.33540 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.34461 may suggest continuation after recent positive movement.

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

USDCAD ended month of January trading session up by 1.4% or 185.2 pips higher.

Key levels to watch out:

Daily Pivot1.34104

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