USDCAD on Thursday rose 0.54% to 1.38802. What we know.

USDCAD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.54%	74.7 Pips
Week to-date	0.38%	52.2 Pips
August	0.51%	70.3 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)

What happened lately

🇺🇸 The Q2 flash estimate for U.S. unit labor costs dropped to 0.9%, down from 4% in Q1. Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q2 flash estimate rose to 2.3%, compared to the previous figure of 0.2% in Q1. Source: Bureau of Labor Statistics
🇺🇸 In the week ending 27 July, U.S. Initial Unemployment Insurance Claims rose to 249K compared to previous figure 235K Source: Department of Labor
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Pending Home Sales (1-mth) in June rose to 4.8%, compared to the revised May figure of -1.9%, up from the initial -2.1%.
U.S. Pending Home Sales (1-mth) in June increased to 4.8%, up from the revised May figure of -1.9%, which was initially reported as -2.1%.
🇺🇸 In July, the U.S. Chicago Purchasing Managers’ Index fell to 45.3 points from 47.4 points in June.
Canada’s GDP for May fell to 0.2% compared to the previous month’s figure of 0.3% in April. Source: Statistics Canada
🇺🇸 The U.S. Employment Cost Index (ECI) in Q2 decreased to 0.9% from the previous figure of 1.2% in Q1. Source: Bureau of Labor Statistics

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What can we expect from USDCAD today?

USDCAD on Thursday rose 0.54% to 1.38802. Price is above 9-Day EMA while Stochastic is falling.

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 1.39152 with break above could target R2 at 1.39502 or figure level area. While towards the downside, we are looking at daily low of 1.37930 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38891 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 0.38% over the past few days.

Key levels to watch out:

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