USDCAD on Friday rose 0.45% to 1.35360. Week ending 2023-04-21 rose 1.31%. What happened.

USDCAD Analysis

Friday0.45%61 Pips
Week 2023-04-211.31%175 Pips
April0.19%25 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM USD Durable Goods Orders
Wed 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized

What happened over the week

CAD Retail Trade Turnover (1-mth) in February dropped to -0.2% compared to previous figure 1.6% (revised from 1.4%). Source: Statistics Canada
In the week ending 15 April, the Initial Unemployment Insurance Claims rose to 245K compared to 240K, revised from 239K in the previous report Source: Department of Labor
🇺🇸 Philadelphia Fed Manufacturing Survey in April exceed forecast and dropped to -31.3 points compared to previous figure -23.2 points in March
🇺🇸 Building Permits (1-mth) in March below forecast and dropped to 1.413M compared to previous figure 1.55, revised from 1.524M in February Source: Census Bureau
🇨🇦 BoC CPI Inflation Rate Core (1-mth) in March exceed forecast and rose to 0.6% compared to previous figure 0.5% in February Source: Bank of Canada
🇨🇦 CPI Inflation Rate (12-mth) in March dropped to 4.3% compared to previous figure 5.2% in February Source: Statistics Canada

USDCAD Daily Chart by TradingView

What can we expect from USDCAD for the new week and what happened on Friday?

USDCAD on Friday rose 0.45% to 1.35360. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-04-21, the pair rose 1.31% or 175 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 1.35633 or at least consolidates above Weekly Pivot level of 1.34791. On the downside, we are looking at week low 1.33380 or 1.33949 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35633 would suggest bullish bias after recent positive movement.

For the month of April, USDCAD is up by 0.19% or 25 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.34791

You might also be interested in:

Retail trade, February 2023 Source: Statistics Canada
Minutes of the Board’s discount rate meetings from February 21 through March 22, 2023 Source: Federal Reserve
New Residential Construction Source: Census Bureau
Business Formation Statistics Source: Census Bureau
Consumer Price Index, March 2023 Source: Statistics Canada

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