USDCAD on Thursday rose 0.11% to 1.3431. Pair in consolidation. How it happened.

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Thursday
Open High Low Close
1.34060 1.34707 1.33918 1.34310
Performance after Thursday
Period Pct Chg Momentum
Thursday 0.11% 15 Pips
Week to-date 0.52% 69 Pips
November -1.48% -201.4 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payrolls
Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM CAD Unemployment Rate

What happened lately

📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in November below forecast and dropped to 49 points compared to previous figure 50.2 points in October. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in November exceed forecast and rose to 47.7 points compared to previous figure 47.6 points in October. Source
📆 🇨🇦 CAD S&P Global Manufacturing PMI in November exceed forecast and rose to 49.6 points compared to previous figure 48.8 points in October. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures – Price Index (YoY) in October dropped to 5% compared to previous figure 5.2, revised from 5.1% in September. Source
📆 USD In the week ending 26 November, the Initial Jobless Claims dropped to 225K compared to previous figure 241K (revised from 240K).. Source
📆 🇺🇸 USD Pending Home Sales (MoM) in October below forecast and improved to -4.6% compared to previous figure -8.7, revised from -10.2% in September. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in November below forecast and dropped to 37.2 points compared to previous figure 45.2 points in October. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q3 preliminary estimate exceed forecast and rose to 2.9% compared to previous figure 2.6% in Q2. Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q3 preliminary estimate exceed forecast and rose to 4.6% compared to previous figure 4.5% in Q2. Source
📆 ☢️ 🇺🇸 USD ADP Employment Change in November below forecast and dropped to 127K compared to previous figure 239K in October. Source
📆 🇺🇸 USD Housing Price Index (MoM) in September exceed forecast and rose to 0.1% compared to previous figure -0.7% in August. Source
📆 🇺🇸 USD S&P/Case-Shiller Home Price Indices (YoY) in September below forecast and dropped to 10.4% compared to previous figure 13.1% in August. Source
📆 🇨🇦 CAD Gross Domestic Product (QoQ) in Q3 exceed forecast and dropped to 0.7% compared to previous figure 0.8% in Q2. Source
📆 🇨🇦 CAD Gross Domestic Product (MoM) in September dropped to 0.1% compared to previous figure 0.3, revised from 0.1% in August. Source
📆 ☢️ 🇨🇦 CAD Gross Domestic Product Annualized in Q3 below forecast and dropped to 2.9% compared to previous figure 3.2, revised from 3.3% in Q2. Source


What can we expect from USDCAD today?

USDCAD on Thursday rose 0.11% to 1.3431. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.33916 (S1).

Looking ahead today, we are looking at 1.3594 or 1.34705 (R1) as important resistance level while to the downside, the daily low of 1.3392 and 1.33916 (S1) as key support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.3471 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDCAD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

R3 1.35494
R2 1.35101
R1 1.34705
Daily Pivot 1.34312
S1 1.33916
S2 1.33523
S3 1.33127

You might also be interested in:

October job openings edge down; hires and separations change little Source: Bureau of Labor Statistics Publications
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Retail Inventories Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
Gross Domestic Product, (Second Estimate) and Corporate Profits (Preliminary), 3rd Quarter 2022 Source: Bureau of Economic Analysis
Minutes of the Board’s discount rate meetings on October 3 through November 2, 2022 Source: Federal Reserve
Gross domestic product by industry, September 2022 Source: Statistics Canada
Gross domestic product, income and expenditure, third quarter 2022 Source: Statistics Canada
Advance Retail Inventories Source: Census Bureau

Last updated: 01:56 am UTC, 02-Dec 2022

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