USDCAD on Friday dropped -0.42% to 1.34296. Week ending 2024-01-19 rose 0.17%. What happened.

USDCAD Analysis

Friday-0.42%-56.5 Pips
Week 2024-01-190.17%22.6 Pips
January1.39%183.6 Pips

Upcoming key events for the new week (London Time)

Wed 02:45 PM Bank of Canada Policy Interest Rate
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January preliminary estimate exceed forecast and rose to 78.8 points compared to previous figure 69.7 points in December Source: University of Michigan
🇨🇦 Canada Retail Trade excluding Automobile (1-mth) in November exceed forecast and dropped to -0.5% compared to previous figure 0.4, revised from 0.6% in October Source: Statistics Canada
🇺🇸 In the week ending 13 January, U.S. Initial Unemployment Insurance Claims dropped to 187K compared to previous figure 202K Source: Department of Labor
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in January below forecast and improved to -10.6 points compared to previous figure -12.8, revised from -10.5 points in December
🇺🇸 U.S. Industrial Production (1-mth) in December rose to 0.1% compared to previous figure 0.2%
🇺🇸 U.S. Monthly Retail Trade excluding Automobile (1-mth) in December exceed forecast and rose to 0.4% compared to previous figure 0.2% in November
🇨🇦 Canada CPI Inflation Rate (12-mth) in December rose to 3.4% compared to previous figure 3.1% in November 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 -0.42% to 1.34296. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-01-19, the pair rose 0.17% or 22.6 pips higher.

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

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.35417 or at least consolidates above Weekly Pivot level of 1.34498. On the downside, we are looking at week low 1.33780 or 1.33578 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35417 would suggest bullish bias after recent positive movement.

For the month of January, USDCAD is up by 1.39% or 183.6 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.34498

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