USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.14% | 20.4 Pips |  |
||
| Week to-date | -0.74% | -107.2 Pips |  |
||
| March | -0.76% | -109.7 Pips | |
||
Upcoming key events (London Time)
Fri 01:30 PM CAD Labour Force Net Change in Employment
Fri 01:30 PM USD Nonfarm Payroll Employment Fri 01:30 PM USD Average Hourly Earnings (12-mth)
What happened lately
The United States has reported a significant uptick in new orders for manufactured goods, with a 1.7% increase in January compared to a revised decrease of 0.6% in December. This positive shift indicates a potential rebound in the manufacturing sector, suggesting increased demand and production. Such a rise can be indicative of strengthening consumer confidence and economic resilience, potentially leading to further growth in economic activity.
In Canada, the attention is currently directed towards the upcoming Labour Force data, which will provide insights into the employment changes. This data is crucial as it serves as a leading indicator of consumer spending, which accounts for a significant portion of economic activity. A positive change in employment figures would suggest an improving economic outlook and indicate robust economic health, essential for further recovery or growth.
For the USDCAD currency pair, the recent rise of 0.14% suggests a strengthening of the US dollar against the Canadian dollar, albeit amid a phase of consolidation. The upcoming high-impact economic indicators—namely the US Nonfarm Payrolls and Average Hourly Earnings, alongside Canada’s Labour Force Net Change—are likely to play a critical role in dictating the near-term movements of the USDCAD pair. Should the US economic data reflect strong jobs growth and wage increases, it may further bolster the US dollar, potentially leading to an appreciation against the Canadian dollar. Conversely, if Canada’s employment data shows considerable improvement, the Canadian dollar might gain strength, possibly weighing down the USDCAD exchange rate. Thus, the forthcoming data releases hold the potential to either reinforce or reverse the current trends in the USDCAD pair.
Latest from X (Twitter)
What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.14% to 1.44070. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.43831 (S1).
Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.44246 or trades above daily pivot 1.44039. Break above could target R1 at 1.44277. While to the downside, we are looking at 1.43831 (S1) and daily low of 1.43800 as support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.44246 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 | 1.44723 |
| R2 | 1.44485 |
| R1 | 1.44277 |
| Daily Pivot | 1.44039 |
| S1 | 1.43831 |
| S2 | 1.43593 |
| S3 | 1.43385 |
#USDCAD Trending on Twitter
[custom-twitter-feeds hashtag=”#USDCAD” num=3 showheader=false]