USDCAD on Friday rose 0.15% to 1.34840. Week ending 2024-02-16 rose 0.2%. What happened.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday0.15%20.2 Pips
Week 2024-02-160.2%27 Pips
February0.38%50.4 Pips

Upcoming key events for the new week (London Time)

Mon 05:00 AM Family Day
Mon 05:00 AM Presidents’ Day
Tue 01:30 PM CPI Inflation Rate (12-mth)
Tue 01:30 PM Bank of Canada Core Inflation CPI (12-mth)
Wed 07:00 PM FOMC Meeting Minutes
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in February flash estimate unchanged at 2.9% compared to previous report in January. Source: University of Michigan
🇺🇸 U.S. Michigan Index of Consumer Sentiment in February flash estimate rose to 79.6 points compared to previous figure 79 points in January Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in January dropped to -0.1% compared to previous figure 0.1%
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in February rose to 5.2 points compared to previous figure -10.6 points in January
🇺🇸 U.S. Monthly Retail Trade (1-mth) in January dropped to -0.8% compared to previous figure 0.4, revised from 0.6% in December Source: Census Bureau
🇺🇸 In the week ending 10 February, U.S. Initial Unemployment Insurance Claims dropped to 212K compared to previous figure 220K (revised from 218K) Source: Department of Labor
🇺🇸 U.S. New York Empire State Manufacturing Index in February improved to -2.4 points compared to previous figure -43.7 points in January
🇺🇸 U.S. CPI Inflation Rate (1-mth) in January rose to 0.3% compared to previous figure 0.2, revised from 0.3% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (12-mth) in January dropped to 3.1% compared to previous figure 3.4% in December Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in January improved to -22$ compared to previous figure -129$ in December Source: Bureau of the Fiscal Service

From X (Twitter)


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

USDCAD on Friday rose 0.15% to 1.34840. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-02-16, the pair rose 0.2% or 27 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.34250.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.35860 or at least consolidates above Weekly Pivot level of 1.34983. On the downside, we are looking at week low 1.34250 or 1.34107 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35860 would suggest bullish bias after recent positive movement.

For the month of February, USDCAD is up by 0.38% or 50.4 pips higher.

Weekly key levels to watch out:

R31.37327
R21.36593
R11.35717
Weekly Pivot1.34983
S11.34107
S21.33373
S31.32497

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