USDCAD on Friday rose 0.27% to 1.37440. Week ending 2023-03-24 rose 0.12%. What happened.
|Week ending 2023-03-24|
|Week 2023-03-24||0.12%||17 Pips|
Upcoming key events for the new week (London Time)
Thu 01:30 PM USD GDP (12-mth)
What happened over the week
📆 🇺🇸 USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source
📆 ☢️ 🇨🇦 CAD Retail Sales (1-mth) in January exceed forecast and rose to 1.4% compared to previous figure 0.5% in December. Source
📆 ☢️ 🇺🇸 USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source
📆 🇺🇸 USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
📆 ☢️ 🇺🇸 USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source
📆 🇨🇦 CAD Consumer Price Index – Core (1-mth) in February rose to 0.3% compared to previous figure 0.1% in January. Source
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.27% to 1.37440. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-03-24, the pair rose 0.12% or 17 pips higher.
Looking ahead on Monday, USDCAD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.38044 or at least consolidates above Weekly Pivot level of 1.37251. On the downside, we are looking at week low 1.36270 or 1.36459 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.38044 would suggest bullish bias after recent positive movement.
For the month of March, USDCAD is up by 0.73% or 99 pips higher.
Weekly key levels to watch out:
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Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
New Home Sales Source: Census Bureau
Monthly Survey of Manufacturing: Flash estimate, February 2023 Source: Statistics Canada
Retail trade, January 2023 Source: Statistics Canada
U.S. International Transactions, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
Index Suggests Economic Growth Declined in February Source: Chicago Fed
Federal Reserve Board and Federal Open Market Committee release economic projections from the March 21-22 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
New Housing Price Index, February 2023 Source: Statistics Canada
Consumer Price Index, February 2023 Source: Statistics Canada
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve
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