USDCAD on Thursday rose 0.01% to 1.3593. Pair in consolidation. What you need to know before the next trade.

USDCAD by TradingView

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	0.01%	2 Pips
Week to-date	-0.01%	-0.7 Pips
February	2.16%	287.9 Pips

Upcoming key events (London Time)

Fri 03:00 PM USD ISM Services PMI

What happened lately

📆 🇺🇸 USD Unit Labor Costs in Q4 exceed forecast and rose to 3.2% compared to previous figure 1.1% in Q3. Source
🇺🇸 📆 USD In the week ending 25 February, the Initial Jobless Claims dropped to 190K compared to previous figure 192K. Source
📆 ☢️ 🇺🇸 USD ISM Manufacturing PMI in February below forecast and rose to 47.7 points compared to previous figure 47.4 points in January. Source
📆 🇺🇸 USD S&P Global Manufacturing PMI in February below forecast and dropped to 47.3 points compared to previous figure 47.8 points in January. Source
📆 🇨🇦 CAD S&P Global Manufacturing PMI in February exceed forecast and rose to 52.4 points compared to previous figure 51 points in January. Source
📆 🇺🇸 USD Chicago Purchasing Managers’ Index in February below forecast and dropped to 43.6 points compared to previous figure 44.3 points in January. Source
📆 ☢️ 🇨🇦 CAD Gross Domestic Product Annualized in Q4 below forecast and dropped to 0% compared to previous figure 2.3, revised from 2.9% in Q3. Source
📆 🇨🇦 CAD Gross Domestic Product (QoQ) in Q4 exceed forecast and dropped to 0% compared to previous figure 0.6, revised from 0.7% in Q3. Source
📆 🇨🇦 CAD Gross Domestic Product (MoM) in December below forecast and dropped to -0.1% compared to previous figure 0.1% in November. Source

What can we expect from USDCAD today?

USDCAD on Thursday rose 0.01% to 1.3593. 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 1.35676 (S1).

Looking ahead today, we are looking at 1.3659 or 1.36297 (R1) as important resistance level while to the downside, the daily low of 1.3579 and 1.35676 (S1) as key support levels. USDCAD need to break on either side to indicate a short-term bias. A break above 1.3641 would suggest bullish bias after recent positive movement.

For the week to-date, take note that USDCAD is mixed as the current price action remain uncertain due to trader indecisiveness.

Key levels to watch out:

You might also be interested in:

Construction Spending Source: Census Bureau
Minutes of the Board’s discount rate meetings from January 23 and February 1, 2023 Source: Federal Reserve
Advance Retail Inventories Source: Census Bureau
Gross domestic product by industry, December 2022 Source: Statistics Canada
Advance U.S. International Trade in Goods Source: Census Bureau
Gross domestic product, income and expenditure, fourth quarter 2022 Source: Statistics Canada
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Last updated: 11:35 pm UTC, 02-Mar 2023

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