USDCAD on Friday rose 0.1% to 1.33623. Week ending 2024-01-05 rose 0.88%. What’s going on.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday0.1%12.9 Pips
Week 2024-01-050.88%116.3 Pips
January0.88%116.3 Pips

Upcoming key events for the new week (London Time)

Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM CPI Inflation Rate (12-mth)
Fri 01:30 PM PPI excluding Food and Energy sectors (12-mth)

What happened over the week

🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in December exceed forecast and rose to 56.3 compared to previous figure 54.7 in November
🇺🇸 U.S. Factory Orders (1-mth) in November exceed forecast and rose to 2.6% compared to previous figure -3.4, revised from -3.6% in October Source: Census Bureau
🇺🇸 U.S. Average Hourly Earnings (12-mth) in December exceed forecast and rose to 4.1% compared to previous figure 4% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Nonfarm Payroll Employment in December rose to 216K compared to previous figure 173K (revised from 199K) Source: Bureau of Labor Statistics
🇨🇦 Canada Net Change in Employment in December below forecast and dropped to 0.1K compared to previous figure 24.9K in November Source: Statistics Canada
🇨🇦 Canada Unemployment Rate in December unchanged at 5.8% compared to previous report in November. Source: Statistics Canada
🇺🇸 In the week ending 30 December, the advance figure for seasonally adjusted initial jobless claims dropped to 202K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. Challenger Job Cuts in December dropped to 34.817K compared to previous figure 45.51K in November
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in November below forecast and dropped to 8.79M compared to previous figure 8.852, revised from 8.733M in October Source: Bureau of Labor Statistics

From X (Twitter)


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

USDCAD on Friday rose 0.1% to 1.33623. Price is above 9-Day EMA while Stochastic is rising in overbought zone. For the week ending 2024-01-05, the pair rose 0.88% or 116.3 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.32250.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.34325 (WR1) with break above could target 1.35026 (WR2). On the downside, we are looking at week low of 1.32250 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.33989 would suggest bullish bias after recent positive movement.

For the month of January, USDCAD is up by 0.88% or 116.3 pips higher.

Weekly key levels to watch out:

R31.36064
R21.35026
R11.34325
Weekly Pivot1.33287
S11.32586
S21.31548
S31.30847

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