USDCAD on Friday rose 0.08% to 1.34050. Week ending 2024-01-12 rose 0.34%. What’s going on.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday0.08%10.7 Pips
Week 2024-01-120.34%45 Pips
January1.2%159 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Martin Luther King Jr. Day
Tue 01:30 PM CPI Inflation Rate (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. Producer Price Index (12-mth) in December below forecast and rose to 1% compared to previous figure 0.8, revised from 0.9% in November
🇺🇸 U.S. Monthly Budget Statement in December below forecast and improved to -129$ compared to previous figure -314$ in November Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in December exceed forecast and rose to 3.4% compared to previous figure 3.1% in November Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in December exceed forecast and rose to 0.3% compared to previous figure 0.1% in November Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 January, U.S. Initial Unemployment Insurance Claims dropped to 202K compared to previous figure 203K (revised from 202K) Source: Department of Labor

From X (Twitter)


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

USDCAD on Friday rose 0.08% to 1.34050. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-01-12, the pair rose 0.34% or 45 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.33360.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.34533 (WR1) with break above could target 1.35015 (WR2). On the downside, we are looking at week low of 1.33360 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.34429 would suggest bullish bias after recent positive movement.

For the month of January, USDCAD is up by 1.2% or 159 pips higher.

Weekly key levels to watch out:

R31.35602
R21.35015
R11.34533
Weekly Pivot1.33946
S11.33464
S21.32877
S31.32395

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