USDCAD on Thursday dropped -0.06% to 1.3543. Pair in consolidation. Why it matters.

USDCAD by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.06%	-7.8 Pips
Week to-date	0.52%	69.7 Pips
February	1.79%	237.9 Pips

Upcoming key events (London Time)

No further events

What happened lately

📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q4 preliminary estimate exceed forecast and rose to 4.3% compared to previous figure 3.9% in Q3. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and dropped to 2.7% compared to previous figure 2.9% in Q3. Source
🇺🇸 📆 USD In the week ending 18 February, the Initial Jobless Claims dropped to 192K compared to previous figure 195K (revised from 194K). Source
📆 🇺🇸 USD Chicago Fed National Activity Index in January exceed forecast and rose to 0.23 points compared to previous figure -0.46, revised from -0.49 points in December. Source
📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source
📆 🇨🇦 CAD Consumer Price Index (YoY) in January below forecast and dropped to 5.9% compared to previous figure 6.3% in December. Source
📆 ☢️ 🇨🇦 CAD Retail Sales (MoM) in December exceed forecast and rose to 0.5% compared to previous figure -0.1% in November. Source
📆 🇨🇦 CAD Retail Sales ex Autos (MoM) in December exceed forecast and dropped to -0.6% compared to previous figure -0.5, revised from -0.6% in November. Source

What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.06% to 1.3543. Price is above 9-Day EMA while Stochastic is rising but in overbought zone.

Updated daily direction for USDCAD looks mixed as the pair is likely to consolidate above 1.35103 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.3581 or trades above daily pivot 1.35457 while to the downside, the daily low of 1.3513 and 1.35103 (S1) as key support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.3513 would indicate selling pressure.

For the week to-date, take note that USDCAD is bullish as the pair continued to trade higher and is up by 0.52% over the past few days.

Key levels to watch out:

You might also be interested in:

Monthly Survey of Manufacturing: Flash estimate, January 2023 Source: Statistics Canada
Payroll employment, earnings and hours, and job vacancies, December 2022 Source: Statistics Canada
Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve
New Housing Price Index, January 2023 Source: Statistics Canada
Retail trade, December 2022 Source: Statistics Canada
Consumer Price Index, January 2023 Source: Statistics Canada

Last updated: 11:38 pm UTC, 23-Feb 2023

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