USDCAD on Friday dropped -0.09% to 1.35110. Week ending 2023-03-31 moved lower by -1.7%. What you need to know.
|Week ending 2023-03-31|
|Week 2023-03-31||-1.7%||-233 Pips|
Upcoming key events for the new week (London Time)
Thu 01:30 PM CAD Net Change in Employment | Mar
Thu 01:30 PM CAD Unemployment Rate | Mar
Fri 06:00 AM USD Good Friday
Fri 06:00 AM CAD Good Friday
Fri 01:30 PM USD Nonfarm Payroll Employment | Mar
What happened over the week
📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation | Mar in March rose to 2.9% compared to previous figure 2.8% in February. Source: University of Michigan
📆 🇺🇸 USD Michigan Index of Consumer Sentiment | Mar in March below forecast and dropped to 62 points compared to previous figure 63.4 points in February. Source: University of Michigan
📆 🇺🇸 USD Chicago Purchasing Managers’ Index | Mar in March exceed forecast and rose to 43.8 points compared to previous figure 43.6 points in February.
📆 🇨🇦 CAD GDP (1-mth) | Jan in January exceed forecast and rose to 0.5% compared to previous figure -0.1, revised from -0.1% in December. Source: Statistics Canada
📆 🇺🇸 USD Core Personal Consumption Expenditures (3-mth) | Q4 in Q4 exceed forecast and rose to 4.4% compared to previous figure 4.3% in Q3. Source: Bureau of Economic Analysis
📆 ☢️ 🇺🇸 USD GDP Annualized | Q4 in Q4 below forecast and dropped to 2.6% compared to previous figure 2.7% in Q3. Source: Bureau of Economic Analysis
📆 🇺🇸 USD Pending Home Sales (1-mth) | Feb in February exceed forecast and dropped to 0.8% compared to previous figure 8.1% in January.
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday dropped -0.09% to 1.35110. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-03-31, the pair dropped -1.7% or -233 pips lower.
Looking ahead on Monday, USDCAD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook looks bearish, immediate support level is at 1.34283 (WS1) with break below could see further selling pressure towards 1.33456 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.37451 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.35040 would indicate selling pressure.
For the month of March, USDCAD is down by -0.98% or -134 pips lower.
Weekly key levels to watch out:
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Payroll employment rises by 311,000 in February; unemployment rate edges up to 3.6% Source: Bureau of Labor Statistics Publications
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Gross Domestic Product, Fourth Quarter and Year 2022 (Third Estimate), GDP by Industry, and Corporate Profits Source: Bureau of Economic Analysis
Payroll employment, earnings and hours, and job vacancies, January 2023 Source: Statistics Canada
U.S. International Investment Position, 4th Quarter and Year 2022 Source: Bureau of Economic Analysis
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