USDCAD on Friday dropped -0.12% to 1.33410. Week ending 2023-06-09 moved lower by -0.6%. What you need to know.
|Week 2023-06-09||-0.6%||-80 Pips|
Upcoming key events for the new week (London Time)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth)
Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 07:00 PM USD FOMC Monetary Policy Statement
Wed 07:00 PM USD FOMC Economic Projections
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD Monthly Retail Trade (1-mth)
Thu 01:30 PM USD Retail Trade Control Group
Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened over the week
🇨🇦 Canada Unemployment Rate in May exceed forecast and rose to 5.2% compared to previous figure 5% in April Source: Statistics Canada
🇺🇸 In the week ending 03 June, U.S. Initial Unemployment Insurance Claims rose to 261K compared to previous figure 233K (revised from 232K) Source: Department of Labor
🇨🇦 Bank of Canada Policy Interest Rate exceed forecast and rose to 4.75% compared to previous rate 4.5% Source: Bank of Canada
🇺🇸 U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$)
🇨🇦 Ivey Purchasing Managers Index in May rose to 60.1 compared to previous figure 55.6 in April
🇺🇸 Factory Orders (1-mth) in April exceed forecast and rose to 4% compared to previous figure 0.9% in March Source: Census Bureau
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday dropped -0.12% to 1.33410. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-06-09, the pair dropped -0.6% or -80 pips lower.
Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.33090.
For the new week, our technical outlook looks bearish, immediate support level is at 1.32795 (WS1) with break below could see further selling pressure towards 1.32179 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.34616 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 1.33090 would indicate selling pressure.
For the month of June, USDCAD is down by -1.69% or -229 pips lower.
Weekly key levels to watch out:
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