USDCAD on Wednesday dropped -0.33% to 1.38030. End July up by 0.95% or 130.3 pips higher. Winners and losers.

USDCAD Analysis

Performance after Wednesday
Period	Pct	Chg	Momentum
Wednesday	-0.33%	-46.3 Pips
Week to-date	-0.18%	-25 Pips
July	0.95%	130.3 Pips

Upcoming key events (London Time)

Fri 01:30 PM USD Nonfarm Payroll Employment
Fri 01:30 PM USD Average Hourly Earnings (1-mth)
Fri 01:30 PM USD Average Hourly Earnings (12-mth)

What happened lately

🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
Canada’s GDP for May fell to 0.2% compared to the previous month’s figure of 0.3% in April. Source: Statistics Canada
🇺🇸 The U.S. Employment Cost Index (ECI) in Q2 decreased to 0.9% from the previous figure of 1.2% in Q1. Source: Bureau of Labor Statistics
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in June dropped to 8.184M compared to the previous figure of 8.23M, revised from 8.14M in May. Source: Bureau of Labor Statistics
🇺🇸 U.S. House Price Index (1-mth) in May dropped to 0% from a revised figure of 0.3% in April. Source: FHFA

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What can we expect from USDCAD today?

USDCAD on Wednesday dropped -0.33% to 1.38030. Price is above 9-Day EMA while Stochastic is falling.

Updated daily direction for USDCAD looks bearish as the pair posted lower in Wednesday trading session.

Looking ahead for the day, immediate support level is at S1 1.37719 with break below could see further selling pressure towards S2 at 1.37407. To the upside, with the current momentum bearish, we prefer to look at breakout of the recent daily high of 1.38584 as a potential indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below 1.37840 would indicate selling pressure.

For the week to-date, take note that USDCAD is mixed as compared to the prior week.

USDCAD ended month of July trading session up by 0.95% or 130.3 pips higher.

Key levels to watch out:

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