USDCAD on Friday dropped -0.17% to 1.34510. Week ending 2024-01-26 rose 0.19%. What happened.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday-0.17%-22.3 Pips
Week 2024-01-260.19%25 Pips
January1.55%205 Pips

Upcoming key events for the new week (London Time)

Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in December unchanged at 2.6% compared to previous report in November. The actual figure is also in line with the forecast
🇺🇸 U.S. Gross Domestic Product Price Index in Q4 preliminary estimate below forecast and dropped to 1.5% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 preliminary estimate unchanged at 2% compared to previous report in Q3. The actual figure is also in line with the forecast Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 January, U.S. Initial Unemployment Insurance Claims rose to 214K compared to previous figure 189K (revised from 187K) Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders excluding Transportation in December exceed forecast and rose to 0.6% compared to previous figure 0.4, revised from 0.5% in November Source: Census Bureau
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada

From X (Twitter)


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

USDCAD on Friday dropped -0.17% to 1.34510. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-01-26, the pair rose 0.19% or 25 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 1.35345 or at least consolidates above Weekly Pivot level of 1.34655. On the downside, we are looking at week low 1.34110 or 1.33965 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35345 would suggest bullish bias after recent positive movement.

For the month of January, USDCAD is up by 1.55% or 205 pips higher.

Weekly key levels to watch out:

R31.36435
R21.35890
R11.35200
Weekly Pivot1.34655
S11.33965
S21.33420
S31.32730

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