USDCAD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	-0.04%	-6 Pips
Week 2023-11-10	1.01%	138 Pips
November	-0.54%	-74.6 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM CPI Inflation Rate (1-mth)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 01:30 PM PPI excluding Food and Energy sectors (12-mth)
Wed 01:30 PM Monthly Retail Trade (1-mth)
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November preliminary estimate exceed forecast and rose to 3.2% compared to previous figure 3% in October Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November preliminary estimate below forecast and dropped to 60.4 points compared to previous figure 63.8 points in October Source: University of Michigan
🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in October below forecast and rose to 53.4 compared to previous figure 53.1 in September
🇨🇦 Canada Ivey Purchasing Managers Index in October dropped to 51.9 compared to previous figure 54.2 in September

From X (Twitter)

Senior Deputy Governor Rogers explains in her speech why interest rates may stay higher than Canadians are used to and how, by adjusting early, we can minimize future financial risks.https://t.co/JcVDQPtCFn#cdnecon #FinancialStability @AdvocisVan pic.twitter.com/Mqnwi4WfOV

— Bank of Canada (@bankofcanada) November 9, 2023

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

USDCAD on Friday dropped -0.04% to 1.37970. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-11-10, the pair rose 1.01% or 138 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.36250.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.38545 or at least consolidates above Weekly Pivot level of 1.37588. On the downside, we are looking at week low 1.36250 or 1.36632 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.38545 would suggest bullish bias after recent positive movement.

For the month of November, USDCAD is down by -0.54% or -74.6 pips lower.

Weekly key levels to watch out:

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