USDCAD Analysis
| Performance after Tuesday | |||||
| Period | Pct | Chg | Momentum | ||
| Tuesday | 0.14% | 19.3 Pips |  |
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| Week to-date | 0.39% | 54.1 Pips |  |
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| December | 0.39% | 54.8 Pips | |
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Upcoming key events (London Time)
Wed 06:45 PM USD Federal Reserve Chair Jerome Powell speech
What happened lately
The U.S. job market displayed resilience as the Bureau of Labor Statistics reported an increase in the Job Openings and Labor Turnover Survey (JOLTS) statistics. In October, job openings rose to 7.744 million, indicating an improvement from the revised 7.372 million in September. This surge signifies strong demand for labor and could contribute to economic growth by potentially increasing consumer spending as more individuals find employment. The robust job openings reflect a buoyant market that continues to thrive even when facing potential challenges, reinforcing economic stability within the country. These figures are crucial as they may influence monetary policy decisions and indicate broader economic recovery.
The JOLTS data, combined with upcoming Federal Reserve developments, such as Chair Jerome Powell’s speech, could significantly impact the USDCAD exchange rate. The increase in job openings might signal a stronger U.S. economy, potentially boosting the U.S. dollar against the Canadian dollar. However, traders will still be attentive to Powell’s address for any indications of policy shifts, especially concerning interest rates and inflation management. The outlook on the U.S. economy remains a critical factor, and positive rhetoric could lift the USD further. Conversely, cautionary or dovish remarks could cap the greenback’s gains or lead to a depreciation, with implications for the CAD’s strength in comparison.
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What can we expect from USDCAD today?
USDCAD on Tuesday rose 0.14% to 1.40667. Price is above 9-Day EMA while Stochastic is rising.
Updated daily direction for USDCAD looks bullish as the pair ended higher after Tuesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.40921 with break above could target R2 at 1.41176 or figure level area. While towards the downside, we are looking at daily low of 1.40090 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.40760 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 | 1.41591 |
| R2 | 1.41176 |
| R1 | 1.40921 |
| Daily Pivot | 1.40506 |
| S1 | 1.40251 |
| S2 | 1.39836 |
| S3 | 1.39581 |
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