USDCAD Analysis
| Performance after Wednesday | |||||
| Period | Pct | Chg | Momentum | ||
| Wednesday | 0.13% | 17.1 Pips |  |
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| Week to-date | -0.03% | -3.7 Pips |  |
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| October | -0.16% | -22.1 Pips | |
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Upcoming key events (London Time)
Fri 01:30 PM USD Nonfarm Payroll Employment
What happened lately
In the United States, the Job Openings and Labor Turnover Survey (JOLTS) for August reported an increase in job openings to 8.04 million, up from a revised 7.711 million in July. This rise indicates a resilient labor market despite macroeconomic challenges and ongoing concerns about inflation and interest rates. The data, reported by the Bureau of Labor Statistics, suggests that the demand for labor remains strong, potentially pointing to sustained economic activity.
Considering the influence of this economic data on USDCAD, the increase in U.S. job openings suggests a robust American economy, which then typically supports the U.S. dollar. A strong labor market could lead to higher interest rates by the Federal Reserve to curb inflation, further boosting the dollar. As the USD appreciates, given a positive outlook on employment figures, USDCAD is likely to rise as seen with the pair moving 0.13% higher to 1.35051. The upcoming high-impact event—the USD Nonfarm Payroll Employment report—is crucial as it provides more detailed insights into the labor market’s health. If the report exceeds expectations, it might lead to further USD strength against the CAD. On the contrary, weaker-than-expected data could soften the USDCAD. Overall, traders should closely monitor these employment figures, as they have significant implications for monetary policy and currency movements.
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What can we expect from USDCAD today?
USDCAD on Wednesday rose 0.13% to 1.35051. Price is below 9-Day EMA while Stochastic is falling.
Updated daily direction for USDCAD looks bullish as the pair ended higher after Wednesday trading session.
Looking ahead for the day, immediate upside resistance level is R1 at 1.35197 with break above could target R2 at 1.35344 or figure level area. While towards the downside, we are looking at daily low of 1.34710 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.35100 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 | 1.35587 |
| R2 | 1.35344 |
| R1 | 1.35197 |
| Daily Pivot | 1.34954 |
| S1 | 1.34807 |
| S2 | 1.34564 |
| S3 | 1.34417 |
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