USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | -0.33% | -45 Pips |  |
||
| Week to-date | -0.01% | -1.9 Pips |  |
||
| September | 0.13% | 17 Pips |  |
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Upcoming key events (London Time)
Fri 01:30 PM CAD Labour Force Net Change in Employment Fri 01:30 PM CAD Labour Force Unemployment Rate
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What happened lately
🇺🇸 U.S. Factory Orders (1-mth) in July rose to 5%, compared to the previous figure of -3.3% in June. Source: Census Bureau 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in July dropped to 7.673M compared to the revised June figure of 7.91M, down from 8.184M. Source: Bureau of Labor Statistics 🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in July dropped to 7.673M, compared to the previous figure of 7.91M revised from 8.184M in June. Source: Bureau of Labor Statistics 🇨🇦 Canada Bank of Canada Policy Interest Rate dropped to 4.25% compared to previous rate 4.5% Source: Bank of Canada
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What can we expect from USDCAD today?
USDCAD on Wednesday dropped -0.33% to 1.35061. Price is below 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.
Looking ahead for the day, immediate support level is at S1 1.34796 with break below could see further selling pressure towards S2 at 1.34532. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.35653 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.34960 would indicate selling pressure.
For the week to-date, take note that USDCAD is mixed as compared to the prior week.
Key levels to watch out:
| R3 | 1.36182 |
| R2 | 1.35918 |
| R1 | 1.35489 |
| Daily Pivot | 1.35225 |
| S1 | 1.34796 |
| S2 | 1.34532 |
| S3 | 1.34103 |
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