USDCAD on Friday dropped -0.44% to 1.36360. Week ending 2023-11-24 moved lower by -0.6%. What you need to know.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday-0.44%-59.7 Pips
Week 2023-11-24-0.6%-82 Pips
November-1.7%-235.6 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM GDP (12-mth)
Fri 01:30 PM Net Change in Employment
Fri 01:30 PM Unemployment Rate
Fri 04:00 PM Federal Reserve Chair Jerome Powell speech

What happened over the week

🇨🇦 Canada Retail Trade (1-mth) in September rose to 0.6% compared to previous figure -0.1% in August Source: Statistics Canada
🇺🇸 U.S. Michigan Index of Consumer Sentiment in November exceed forecast and rose to 61.3 points compared to previous figure 60.4 points in October Source: University of Michigan
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in November unchanged at 3.2% compared to previous report in October. The actual figure is also in line with the forecast Source: University of Michigan
🇺🇸 U.S. Durable Goods Orders in October exceed forecast and dropped to -5.4% compared to previous figure 4.6, revised from 4.7% in September Source: Census Bureau
🇨🇦 Canada CPI Inflation Rate (1-mth) in October rose to 0.1% compared to previous figure -0.1% in September Source: Statistics Canada
🇨🇦 Canada Bank of Canada Core Inflation CPI (12-mth) in October below forecast and dropped to 2.7% compared to previous figure 2.8% in September Source: Bank of Canada
🇨🇦 Canada BoC CPI Inflation Rate Core (1-mth) in October below forecast and rose to 0.3% compared to previous figure -0.1% in September Source: Bank of Canada
🇨🇦 Canada CPI Inflation Rate (12-mth) in October below forecast and dropped to 3.1% compared to previous figure 3.8% in September Source: Statistics Canada

From X (Twitter)


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

USDCAD on Friday dropped -0.44% to 1.36360. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-11-24, the pair dropped -0.6% or -82 pips lower.

Looking ahead on Monday, USDCAD looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 1.35623 (WS1) with break below could see further selling pressure towards 1.34885 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.37652 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 1.35900 would indicate selling pressure.

For the month of November, USDCAD is down by -1.7% or -235.6 pips lower.

Weekly key levels to watch out:

R31.39127
R21.38389
R11.37375
Weekly Pivot1.36637
S11.35623
S21.34885
S31.33871

You might also be interested in:

Monthly Survey of Manufacturing: Flash estimate, October 2023 Source: Statistics Canada
Retail trade, September 2023 Source: Statistics Canada
Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Minutes of the Federal Open Market Committee, October 31-November 1, 2023 Source: Federal Reserve
New Housing Price Index, October 2023 Source: Statistics Canada
Consumer Price Index, October 2023 Source: Statistics Canada

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