USDCAD Analysis
| Performance after Thursday | |||||
| Period | Pct | Chg | Momentum | ||
| Thursday | 0.34% | 49 Pips |  |
||
| Week to-date | 0.28% | 40.7 Pips |  |
||
| December | 2.82% | 394.8 Pips | |
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Upcoming key events (London Time)
No major events for the day.
What happened lately
In the United States, the number of initial unemployment insurance claims for the week ending 21 December showed a slight decrease, coming in at 219,000. This is a marginal improvement compared to the previous week’s figure of 220,000. This data, sourced from the Department of Labor, indicates a stable job market, suggesting that fewer people are seeking unemployment benefits. It reflects continued resilience in the labor market, despite ongoing economic uncertainties globally.
The recent news of a stable labor market in the U.S., as illustrated by the slight drop in unemployment insurance claims, has implications for the USDCAD currency pair. On Thursday, the USDCAD pair saw a 0.34% rise, reaching 1.44020. This upward movement could be linked to the positive sentiment stemming from the strong U.S. labor market data, which tends to bolster the U.S. dollar. As the data suggests a robust economic backdrop, it likely increases investor confidence in the U.S. economy, driving capital inflows and strengthening the U.S. dollar against the Canadian dollar. With no significant economic events reported for the day, the market movements largely reflect the recent labor market news and its influence on currency exchanges.
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What can we expect from USDCAD today?
USDCAD on Thursday rose 0.34% to 1.44020. Price is above 9-Day EMA while Stochastic is rising.
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 1.44333 with break above could target R2 at 1.44647 or figure level area. While towards the downside, we are looking at daily low of 1.43450 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.44205 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 | 1.45088 |
| R2 | 1.44647 |
| R1 | 1.44333 |
| Daily Pivot | 1.43892 |
| S1 | 1.43578 |
| S2 | 1.43137 |
| S3 | 1.42823 |
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