USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.35% | -47.6 Pips |  |
||
| Week to-date | -0.65% | -89.9 Pips |  |
||
| April | 0.87% | 118.2 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM USD Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM USD Personal Consumption Expenditures Price Index (12-mth)
What happened lately
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 flash estimate rose to 3.7% compared to previous figure 2% in Q4 Source: Bureau of Economic Analysis 🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.6% compared to previous figure 3.4% in Q4 Source: Bureau of Economic Analysis 🇺🇸 In the week ending 20 April, U.S. Initial Unemployment Insurance Claims dropped to 207K compared to previous figure 212K Source: Department of Labor
🇨🇦 Canada Retail Trade excluding Automobile (1-mth) in February dropped to -0.3% compared to previous figure 0.4, revised from 0.5% in January Source: Statistics Canada 🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.35% to 1.36551. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.36231 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.37309 or trades above daily pivot 1.3677. Break above could target R1 at 1.3709. While to the downside, we are looking at 1.36231 (S1) and daily low of 1.36450 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.36450 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -0.65%.
Key levels to watch out:
| R3 | 1.37949 |
| R2 | 1.37629 |
| R1 | 1.3709 |
| Daily Pivot | 1.3677 |
| S1 | 1.36231 |
| S2 | 1.35911 |
| S3 | 1.35372 |
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