USDCAD on Friday rose 0.45% to 1.35480. Week ending 2023-05-12 rose 1.32%. What happened.

USDCAD Analysis

Friday0.45%60.1 Pips
Week 2023-05-121.32%177 Pips
May0.01%1 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM USD Retail Trade Turnover (1-mth)
Tue 01:30 PM CAD Bank of Canada Core Inflation CPI (12-mth)
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Fri 01:30 PM CAD Retail Trade Turnover (1-mth)

What happened over the week

🇺🇸 UoM 5-year Consumer Inflation Expectation in May preliminary estimate exceed forecast and rose to 3.2% compared to previous figure 3% in April Source: University of Michigan
🇺🇸 Michigan Index of Consumer Sentiment in May preliminary estimate below forecast and dropped to 57.7 points compared to previous figure 63.5 points in April Source: University of Michigan
🇺🇸 In the week ending 06 May, the Initial Unemployment Insurance Claims rose to 264K compared to previous figure 242K Source: Department of Labor
🇺🇸 CPI Inflation Rate (12-mth) in April below forecast and dropped to 4.9% compared to previous figure 5% in March Source: Bureau of Labor Statistics

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 1.35480. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-05-12, the pair rose 1.32% or 177 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 1.35651 or at least consolidates above Weekly Pivot level of 1.34747. On the downside, we are looking at week low 1.33110 or 1.33843 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35651 would suggest bullish bias after recent positive movement.

For the month of May, USDCAD is up by 0.01% or 1 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.34747

You might also be interested in:

In April, the Consumer Price Index for All Urban Consumers increased 0.4 percent, seasonally adjusted, and rose 4.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.4 percent in April (SA); up 5.5 percent over the year (NSA). Source: Bureau of Labor Statistics Publications
Building permits, March 2023 Source: Statistics Canada
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau

Leave a comment

Your email address will not be published. Required fields are marked *