USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.14% | 18.6 Pips |  |
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| Week to-date | -0.17% | -22.3 Pips |  |
||
| August | -2.34% | -322.6 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM CAD GDP (12-mth)
Fri 01:30 PM USD PCE Price Index, excluding food and energy (1-mth) Fri 01:30 PM USD PCE Price Index, excluding food and energy (12-mth)
What happened lately
🇺🇸 U.S. Pending Home Sales (1-mth) in July dropped to -5.5%, compared to a previous figure of 4.8% in June. 🇺🇸 The U.S. GDP annual rate in the Q2 flash estimate rose to 3%, compared to the previous figure of 2.8% in Q1. Source: Bureau of Economic Analysis 🇺🇸 The U.S. GDP Price Index (Quarterly) rose to 2.5% in Q2 flash estimate, up from 2.3% in Q1. Source: Bureau of Economic Analysis The U.S. Q2 flash estimate for PCE excluding food and energy prices (3-month) dropped to 2.8%, compared to the previous figure of 2.9% in Q1. Source: Bureau of Economic Analysis 🇨🇦 Canada Current Account Balance in Q2 dropped to -8.48B compared to the previous figure of -5.37B in Q1. Source: Statistics Canada 🇺🇸 The U.S. PCE Price (3-month) for Q2’s flash estimate dropped to 2.5%, down from the previous 2.6% in Q1. Source: Bureau of Economic Analysis 🇺🇸 In the week ending 24 August, U.S. Initial Unemployment Insurance Claims dropped to 231K compared to previous figure 232K Source: Department of Labor
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Thursday rose 0.14% to 1.34857. Price is below 9-Day EMA while Stochastic is rising in oversold zone.
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 1.35028 with break above could target R2 at 1.35199 or figure level area. While towards the downside, we are looking at daily low of 1.34450 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.34910 may suggest continuation after recent positive movement.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.35488 |
| R2 | 1.35199 |
| R1 | 1.35028 |
| Daily Pivot | 1.34739 |
| S1 | 1.34568 |
| S2 | 1.34279 |
| S3 | 1.34108 |
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