USDCAD on Friday rose 0.19% to 1.34830. Week ending 2024-03-08 moved lower by -0.52%. What happened.

USDCAD Analysis

Friday0.19%25 Pips
Week 2024-03-08-0.52%-70 Pips
March-0.7%-94.4 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM CPI Inflation Rate (12-mth)
Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM PPI excluding Food and Energy sectors (12-mth)
Thu 12:30 PM Monthly Retail Trade (1-mth)

What happened over the week

🇨🇦 Canada Net Change in Employment in February rose to 41K compared to previous figure 37.3K in January Source: Statistics Canada
🇺🇸 U.S. Nonfarm Payroll Employment in February rose to 275K compared to previous figure 229K (revised down by 124K) in January Source: Bureau of Labor Statistics
🇺🇸 In the week ending 02 March, Initial Unemployment Insurance Claims in U.S. was unchanged at 217K compared to previous figure 217K (revised from 215K) Source: Department of Labor
🇺🇸 U.S. Nonfarm Business Labor Productivity in Q4 unchanged at 3.2% compared to previous report in Q3. Source: Bureau of Labor Statistics
🇺🇸 U.S. Challenger Job Cuts in February rose to 84.638K compared to previous figure 82.307K in January
🇨🇦 Canada Ivey Purchasing Managers Index seasonal adjustment in February dropped to 53.9 compared to previous figure 56.5 in January
🇺🇸 U.S. Job Openings and Labor Turnover Survey (JOLTS) in January dropped to 8.863M compared to previous figure 9.026M in December Source: Bureau of Labor Statistics
🇨🇦 Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada
🇺🇸 U.S. Factory Orders (1-mth) in January dropped to -3.6% compared to previous figure -0.3, revised from 0.2% 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 rose 0.19% to 1.34830. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2024-03-08, the pair dropped -0.52% or -70 pips lower.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.34194.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.36050 or at least consolidates above Weekly Pivot level of 1.35025. On the downside, we are looking at week low 1.34194 or 1.33999 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A close below week low of 1.34194 would indicate selling pressure.

For the month of March, USDCAD is down by -0.7% or -94.4 pips lower.

Weekly key levels to watch out:

Weekly Pivot1.35025

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