USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | -0.06% | -8.5 Pips |  |
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| Week to-date | -1.06% | -146.7 Pips | |
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| August | -0.52% | -71.9 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Net Change in Employment
What happened lately
🇺🇸 In the week ending 03 August, U.S. Initial Unemployment Insurance Claims dropped to 233K compared to previous figure 250K (revised from 249K) Source: Department of Labor In July, the Canada Ivey Purchasing Managers Index fell to 55.3 from its previous figure of 62.4 in June. In July, the seasonally adjusted Ivey Purchasing Managers Index for Canada fell to 57.6 from the previous figure of 62.5 in June.
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What can we expect from USDCAD today?
USDCAD on Thursday dropped -0.06% to 1.37364. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Thursday trading session.
Looking ahead for the day, immediate support level is at S1 1.37171 with break below could see further selling pressure towards S2 at 1.36978. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.37655 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.37220 would indicate selling pressure.
For the week to-date, take note that USDCAD is bearish as the pair posted lower by -1.06%.
Key levels to watch out:
| R3 | 1.38041 |
| R2 | 1.37848 |
| R1 | 1.37606 |
| Daily Pivot | 1.37413 |
| S1 | 1.37171 |
| S2 | 1.36978 |
| S3 | 1.36736 |
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