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USDCAD on Thursday rose 0.15% to 1.3476. Potential upside. Why it matters.
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Thursday
Open High Low Close
1.34780 1.35445 1.34060 1.34758
Performance after Thursday
Period Pct Chg Momentum
Thursday 0.15% 19.7 Pips
Week to-date 1.61% 213.8 Pips
September 2.66% 348.9 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Retail Sales (MoM)
Fri 07:00 PM USD Fed’s Chair Powell speech

What happened lately

📆 USD In the week ending 17 September, the Initial Jobless Claims rose to 213K compared to previous figure 208K (revised from 213K).. Source
📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision rose to 3.25% compared to previous rate 2.5%. Source
📆 🇨🇦 CAD Consumer Price Index (YoY) in August below forecast and dropped to 7% compared to previous figure 7.6% in July. Source


What can we expect from USDCAD today?

USDCAD on Thursday rose 0.15% to 1.3476. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDCAD looks bullish as the pair ended higher after Thursday trading session.

Looking ahead for the day, immediate upside resistance level is at 1.35449 (R1) while on the downside, we are looking at daily low of 1.3406 as an important support. Break below this level could weaken the current bullish momentum. USDCAD need to break on either side to indicate a short-term bias. A break above 1.3544 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 1.61% over the past few days.

Key levels to watch out:

R3 1.36834
R2 1.36139
R1 1.35449
Daily Pivot 1.34754
S1 1.34064
S2 1.33369
S3 1.32679

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Consumer Price Index, August 2022 Source: Statistics Canada

Last updated: 12:35 am UTC, 23-Sep 2022

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