USDCAD on Friday dropped -0.21% to 1.35000. Week ending 2024-03-15 rose 0.16%. What happened.

USDCAD Analysis

Performance
PeriodPctChgMomentum
Friday-0.21%-28.9 Pips
Week 2024-03-150.16%22 Pips
March-0.57%-77.4 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM CPI Inflation Rate (12-mth)
Tue 12:30 PM Bank of Canada Core Inflation CPI (12-mth)
Wed 06:00 PM FOMC Monetary Policy Statement
Wed 06:00 PM FOMC Economic Projections
Wed 06:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 12:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in March flash estimate dropped to 76.5 points compared to previous figure 76.9 points in February Source: University of Michigan
🇺🇸 U.S. Industrial Production (1-mth) in February rose to -0.1% compared to previous figure -0.5% (revised from -0.1%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in February rose to 0.6% compared to previous figure -0.8% in January Source: Census Bureau
🇺🇸 U.S. PPI excluding Food and Energy sectors (12-mth) in February unchanged at 2% compared to previous report in January.
🇺🇸 U.S. Producer Price Index (1-mth) in February rose to 0.6% compared to previous figure 0.3% in January
🇺🇸 U.S. Monthly Budget Statement in February dropped to -296$ compared to previous figure -22$ in January Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (12-mth) in February rose to 3.2% compared to previous figure 3.1% in January Source: Bureau of Labor Statistics
🇺🇸 U.S. CPI Inflation Rate (1-mth) in February rose to 0.4% compared to previous figure 0.3% in January Source: Bureau of Labor Statistics

From X (Twitter)


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

USDCAD on Friday dropped -0.21% to 1.35000. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-03-15, the pair rose 0.16% or 22 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.34540.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.36000 or at least consolidates above Weekly Pivot level of 1.35180. On the downside, we are looking at week low 1.34540 or 1.34360 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36000 would suggest bullish bias after recent positive movement.

For the month of March, USDCAD is down by -0.57% or -77.4 pips lower.

Weekly key levels to watch out:

R31.37280
R21.36640
R11.35820
Weekly Pivot1.35180
S11.34360
S21.33720
S31.32900

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