USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.19% | 26.1 Pips |  |
||
| Week to-date | 0.42% | 57.6 Pips | |
||
| July | 0.23% | 30.9 Pips |  |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed 🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
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What can we expect from USDCAD today?
USDCAD on Thursday rose 0.19% to 1.37036. 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 1.3726 with break above could target R2 at 1.37484 or figure level area. While towards the downside, we are looking at daily low of 1.36660 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37184 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 0.42% over the past few days.
Key levels to watch out:
| R3 | 1.37784 |
| R2 | 1.37484 |
| R1 | 1.3726 |
| Daily Pivot | 1.3696 |
| S1 | 1.36736 |
| S2 | 1.36436 |
| S3 | 1.36212 |
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