|Performance after Thursday|
|Week to-date||1.07%||144.1 Pips|
Upcoming key events (London Time)
Fri 01:30 PM USD Durable Goods Orders
Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened lately
🇺🇸 Personal Consumption Expenditures Prices (3-mth) in Q1 preliminary estimate unchanged at 4.2% compared to previous report in Q4. The actual figure is also in line with the forecast Bureau of Economic Analysis
🇺🇸 In the week ending 20 May, the Initial Unemployment Insurance Claims rose to 229K compared to previous figure 225K (revised from 242K) Department of Labor
🇺🇸 Chicago Fed National Activity Index in April exceed forecast and rose to 0.07 points compared to previous figure -0.37, revised from -0.19 points in March
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.38% to 1.36421. Price is above 9-Day EMA while Stochastic is rising.
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 R1 at 1.36639 with break above could target R2 at 1.36858 or figure level area. While towards the downside, we are looking at daily low of 1.35820 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36448 may suggest continuation 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 1.07% over the past few days.
Key levels to watch out:
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