USDCAD on Friday rose 0.33% to 1.38704. Week ending 2023-10-27 rose 1.22%. What’s going on.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday0.33%45.2 Pips
Week 2023-10-271.22%167.4 Pips
October2.81%379.4 Pips

Upcoming key events for the new week (London Time)

Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM FOMC Monetary Policy Statement
Wed 08:15 PM Bank of Canada’s Governor Tiff Macklem speech
Thu 12:30 PM Initial Unemployment Insurance Claims
Fri 12:30 PM Nonfarm Payroll Employment
Fri 12:30 PM Net Change in Employment

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in October unchanged at 3% compared to previous report in September. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in October exceed forecast and rose to 63.8 points compared to previous figure 63 points in September Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth)| Sep in September unchanged at 0.4% compared to previous report in August.
🇺🇸 U.S. Durable Goods Orders excluding Defense in September rose to 5.8% compared to previous figure -0.7% in August Source: Census Bureau
🇺🇸 U.S. Personal Consumption Expenditures Prices (3-mth) in Q3 preliminary estimate exceed forecast and rose to 2.9% compared to previous figure 2.5% in Q2 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 21 October, U.S. Initial Unemployment Insurance Claims rose to 210K compared to previous figure 198K Source: Department of Labor
🇺🇸 U.S. GDP Annualized in Q3 preliminary estimate exceed forecast and rose to 4.9% compared to previous figure 2.1% in Q2 Source: Bureau of Economic Analysis

From X (Twitter)




USDCAD

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

USDCAD on Friday rose 0.33% to 1.38704. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2023-10-27, the pair rose 1.22% or 167.4 pips higher.

Looking ahead on Monday, USDCAD looks bullish as the pair ended higher after Friday trading session.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.39466 (WR1) with break above could target 1.40228 (WR2). On the downside, we are looking at week low of 1.36616 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38803 would suggest bullish bias after recent positive movement.

For the month of October, USDCAD is up by 2.81% or 379.4 pips higher.

Weekly key levels to watch out:

R31.41653
R21.40228
R11.39466
Weekly Pivot1.38041
S11.37279
S21.35854
S31.35092

You might also be interested in:

Advance Wholesale Inventories Source: Census Bureau
Gross Domestic Product, Third Quarter 2023 (Advance Estimate) Source: Bureau of Economic Analysis
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Advance Retail Inventories Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Advance Wholesale Inventories Source: Census Bureau
New Home Sales Source: Census Bureau
Monthly Survey of Manufacturing: Flash estimate, September 2023 Source: Statistics Canada
Payroll employment, earnings and hours, and job vacancies, August 2023 Source: Statistics Canada
Powell, Introductory Remarks Source: Federal Reserve
Monetary Policy Report – October 2023 Source: Bank of Canada
Bank of Canada maintains policy rate, continues quantitative tightening Source: Bank of Canada
New Housing Price Index, September 2023 Source: Statistics Canada

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