USDCAD on Friday rose 0.05% to 1.37270. Week ending 2023-03-17 moved lower by -0.67%. What happened.
USDCAD by TradingView| Week ending 2023-03-17 | |||
| Open | High | Low | Close |
| 1.38042 | 1.38155 | 1.36480 | 1.37270 |
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | 0.05% | 6.6 Pips |  | ||
| Week 2023-03-17 | -0.67% | -92.6 Pips | | ||
| March | 0.6% | 82 Pips |  | ||
Upcoming key events for the new week (London Time)
Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 06:00 PM USD FOMC Monetary Policy Statement Wed 06:30 PM USD FOMC Press Conference Fri 12:30 PM USD Durable Goods Orders Fri 12:30 PM USD Nondefense Capital Goods xcluding Aircraft
Fri 12:30 PM CAD Retail Sales (1-mth)
What happened over the week
📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in March exceed forecast and improved to -23.2 points compared to previous figure -24.3 points in February. Source 📆 🇺🇸 USD Building Permits (1-mth) in February exceed forecast and rose to 1.524M compared to previous figure 1.339M in January. Source 📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source 📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.05% to 1.37270. Price is below 9-Day EMA while Stochastic is in neutral zone. For the week ending 2023-03-17, the pair dropped -0.67% or -92.6 pips lower.
Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.36480.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.38155 or at least consolidates above Weekly Pivot level of 1.37302. On the downside, we are looking at week low 1.36480 or 1.36448 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A close below week low of 1.36480 would indicate selling pressure.
For the month of March, USDCAD is up by 0.6% or 82 pips higher.
Weekly key levels to watch out:
| R3 | 1.39798 |
| R2 | 1.38977 |
| R1 | 1.38123 |
| Weekly Pivot | 1.37302 |
| S1 | 1.36448 |
| S2 | 1.35627 |
| S3 | 1.34773 |
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New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau U.S. import prices fall 0.1% in February on lower fuel prices; export prices rise 0.2% Source: Bureau of Labor Statistics Publications Arts and Cultural Production Satellite Account, U.S. and States, 2021 Source: Bureau of Economic Analysis Advanced Monthly Sales for Retail and Food Services Source: Census Bureau Quarterly Services Survey Source: Census Bureau PPI for final demand declines 0.1% in February; goods fall 0.2%, services decrease 0.1% Source: Bureau of Labor Statistics Publications CPI for all items rises 0.4% in February as shelter increases Source: Bureau of Labor Statistics Publications
Monthly Survey of Manufacturing, January 2023 Source: Statistics Canada Joint Statement by Treasury, Federal Reserve, and FDIC Source: Federal Reserve Federal Reserve Board announces it will make available additional funding to eligible depository institutions to help assure banks have the ability to meet the needs of all their depositors Source: Federal Reserve
#USDCAD Trending on Twitter
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https://youtu.be/sH-DbpXM6X0
The USD/CAD has gone back and forth during the trading week as we continue to see the 1.38 level offer resistance. If the market can break above there, then it’s possible that we could go looking to the 1.40 level #USDCAD #globalmarkets #fx #trading
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