USDCAD on Thursday dropped -0.06% to 1.35001. Pair in consolidation. What we know.

USDCAD Analysis

Performance after Thursday
Period	Pct	Chg	Momentum
Thursday	-0.06%	-7.7 Pips
Week to-date	-0.06%	-7.9 Pips
September	0.08%	11 Pips

Upcoming key events (London Time)

Fri 01:30 PM CAD Labour Force Net Change in Employment
Fri 01:30 PM CAD Labour Force Unemployment Rate
Fri 01:30 PM USD Nonfarm Payroll Employment

What happened lately

🇺🇸 U.S. Unit Labor Costs in Q2 decreased to 0.4% from 0.9% in Q1. Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q2 rose to 2.5%, up from 2.3% in Q1. Source: Bureau of Labor Statistics
🇺🇸 In the week ending 31 August, U.S. Initial Unemployment Insurance Claims dropped to 227K compared to previous figure 231K Source: Department of Labor
🇺🇸 U.S. Factory Orders (1-mth) in July rose to 5%, compared to the previous figure of -3.3% in June. Source: Census Bureau
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in July dropped to 7.673M, compared to the previous figure of 7.91M revised from 8.184M in June. Source: Bureau of Labor Statistics
🇨🇦 Canada Bank of Canada Policy Interest Rate dropped to 4.25% compared to previous rate 4.5% Source: Bank of Canada

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What can we expect from USDCAD today?

USDCAD on Thursday dropped -0.06% to 1.35001. 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 1.34877 (S1).

Looking ahead today, to see upside interest, we prefer to look at price breakout of last daily high of 1.35251 or trades above daily pivot 1.35064. Break above could target R1 at 1.35188. While to the downside, we are looking at 1.34877 (S1) and daily low of 1.34940 as support levels. USDCAD need to break on either side to indicate a short-term bias. A close below 1.34940 would indicate selling pressure.

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

Key levels to watch out:

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