USDCAD on Friday rose 0.13% to 1.35061. Week ending 2024-02-23 rose 0.18%. What happened.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday0.13%17.7 Pips
Week 2024-02-230.18%24.1 Pips
February0.54%72.5 Pips

Upcoming key events for the new week (London Time)

Wed 01:30 PM GDP Annualized
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP (12-mth)
Thu 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
Thu 01:30 PM Personal Consumption Expenditures Price Index (1-mth)

What happened over the week

🇨🇦 Canada Retail Trade (1-mth) in December rose to 0.9% compared to previous figure -0.2% in November Source: Statistics Canada
🇨🇦 Canada CPI Inflation Rate (12-mth) in January dropped to 2.9% compared to previous figure 3.4% in December Source: Statistics Canada

From X (Twitter)


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

USDCAD on Friday rose 0.13% to 1.35061. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-02-23, the pair rose 0.18% or 24.1 pips higher.

Looking ahead on Monday, USDCAD looks bullish as the pair ended higher after 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 1.35361 or at least consolidates above Weekly Pivot level of 1.34927. On the downside, we are looking at week low 1.34360 or 1.34494 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.35361 would suggest bullish bias after recent positive movement.

For the month of February, USDCAD is up by 0.54% or 72.5 pips higher.

Weekly key levels to watch out:

R31.36496
R21.35928
R11.35495
Weekly Pivot1.34927
S11.34494
S21.33926
S31.33493

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