USDCAD on Friday dropped -0.49% to 1.34949. Week ending 2023-12-01 moved lower by -1.02%. What you need to know.

USDCAD Analysis

Friday-0.49%-66 Pips
Week 2023-12-01-1.02%-139.1 Pips
December-0.49%-66 Pips

Upcoming key events for the new week (London Time)

Tue 03:00 PM ISM Services PMI
Wed 03:00 PM Bank of Canada Policy Interest Rate
Wed 03:00 PM Bank of Canada Rate Statement
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment
Fri 03:00 PM Michigan Index of Consumer Sentiment

What happened over the week

🇨🇦 Canada GDP (12-mth) in Q3 dropped to -1.1% compared to previous figure 1.4% (revised from -0.2%) Source: Statistics Canada
🇺🇸 U.S. Personal Spending in October dropped to 0.2% compared to previous figure 0.7% in September Source: Bureau of Economic Analysis
🇺🇸 In the week ending 25 November, U.S. Initial Unemployment Insurance Claims rose to 218K compared to previous figure 211K (revised from 209K) Source: Department of Labor
🇨🇦 Canada GDP (1-mth) in September rose to 0.1% compared to previous figure 0% in August Source: Statistics Canada
🇨🇦 Canada GDP (3-mth) in Q3 below forecast and dropped to -0.3% compared to previous figure 0% in Q2 Source: Statistics Canada
🇺🇸 U.S. Housing Price Index (1-mth) in September unchanged at 0.6% compared to previous report in August.
🇺🇸 U.S. New-Home Sales Change (1-mth) in October below forecast and dropped to -5.6% compared to previous figure 8.6, revised from 12.3% in September

From X (Twitter)

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

USDCAD on Friday dropped -0.49% to 1.34949. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-12-01, the pair dropped -1.02% or -139.1 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 1.34309 (WS1) with break below could see further selling pressure towards 1.33670 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.36610 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 1.34820 would indicate selling pressure.

For the month of December, USDCAD is down by -0.49% or -66 pips lower.

Weekly key levels to watch out:

Weekly Pivot1.35460

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