USDCAD on Friday dropped -0.14% to 1.35580. Week ending 2024-03-01 rose 0.4%. What’s going on.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday-0.14%-19.4 Pips
Week 2024-03-010.4%54 Pips
March-0.14%-19.4 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 03:00 PM Federal Reserve Chair Jerome Powell testifies
Fri 01:30 PM Net Change in Employment
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in February dropped to 76.9 points compared to previous figure 79.6 points in January Source: University of Michigan
🇨🇦 Canada GDP (12-mth) in Q4 rose to 1% compared to previous figure -0.5% (revised from -1.1%) Source: Statistics Canada
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in January rose to 0.3% compared to previous figure 0.2% in December
🇺🇸 U.S. Personal Income (1-mth) in January rose to 1% compared to previous figure 0.3% in December Source: Bureau of Economic Analysis
🇨🇦 Canada GDP (3-mth) in Q4 rose to 0.2% compared to previous figure -0.1% (revised from -0.3%) Source: Statistics Canada
🇨🇦 Canada GDP (1-mth) in December dropped to 0% compared to previous figure 0.2% in November Source: Statistics Canada
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q4 flash estimate rose to 2.1% compared to previous figure 2% in Q3 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q4 flash estimate dropped to 3.2% compared to previous figure 3.3% in Q3 Source: Bureau of Economic Analysis
🇨🇦 Canada Current Account in Q4 improved to -1.62B compared to previous figure -4.74, revised from -3.22B in Q3 Source: Statistics Canada
🇺🇸 U.S. Housing Price Index (1-mth) in December dropped to 0.1% compared to previous figure 0.4, revised from 0.3% in November
🇺🇸 U.S. Durable Goods Orders in January dropped to -6.1% compared to previous figure -0.3, revised from 0% in December Source: Census Bureau

From X (Twitter)


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

USDCAD on Friday dropped -0.14% to 1.35580. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-03-01, the pair rose 0.4% or 54 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.34800.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.36160 (WR1) with break above could target 1.36740 (WR2). On the downside, we are looking at week low of 1.34800 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36060 would suggest bullish bias after recent positive movement.

For the month of March, USDCAD is down by -0.14% or -19.4 pips lower.

Weekly key levels to watch out:

R31.37420
R21.36740
R11.36160
Weekly Pivot1.35480
S11.34900
S21.34220
S31.33640

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