USDCAD on Friday rose 0.58% to 1.34623. Week ending 2024-02-02 rose 0.11%. What happened.

USDCAD Analysis

Friday0.58%77.6 Pips
Week 2024-02-020.11%15.3 Pips
February0.21%28.7 Pips

Upcoming key events for the new week (London Time)

Mon 12:00 AM Federal Reserve Chair Jerome Powell speech
Tue 05:45 PM Bank of Canada’s Governor Tiff Macklem speech
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Net Change in Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in January rose to 79 points compared to previous figure 78.8 points in December Source: University of Michigan
🇺🇸 U.S. Factory Orders (1-mth) in December dropped to 0.2% compared to previous figure 2.6% in November Source: Census Bureau
🇺🇸 U.S. Nonfarm Payroll Employment in January rose to 353K compared to previous figure 333K (revised upward from 216K) in December Source: Bureau of Labor Statistics
🇺🇸 In the week ending 27 January, U.S. Initial Unemployment Insurance Claims rose to 224K compared to previous figure 215K (revised from 214K) Source: Department of Labor
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇨🇦 Canada GDP (1-mth) in November exceed forecast and rose to 0.2% compared to previous figure 0% in October Source: Statistics Canada
🇺🇸 U.S. Employment Cost Index (ECI) in Q4 below forecast and dropped to 0.9% compared to previous figure 1.1% in Q3 Source: Bureau of Labor Statistics
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in December exceed forecast and rose to 9.026M compared to previous figure 8.925, revised from 8.79M in November Source: Bureau of Labor Statistics
🇺🇸 U.S. Housing Price Index (1-mth) in November unchanged at 0.3% compared to previous report in October.

From X (Twitter)

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

USDCAD on Friday rose 0.58% to 1.34623. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-02-02, the pair rose 0.11% or 15.3 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.33540.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.34754 or at least consolidates above Weekly Pivot level of 1.34306. On the downside, we are looking at week low 1.33540 or 1.33857 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.34754 would suggest bullish bias after recent positive movement.

For the month of February, USDCAD is up by 0.21% or 28.7 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.34306

Leave a comment

Your email address will not be published. Required fields are marked *