USDCAD on Friday rose 0.59% to 1.36060. Week ending 2024-03-22 rose 0.48%. What’s going on.

USDCAD Analysis

Friday0.59%79.9 Pips
Week 2024-03-220.48%65 Pips
March0.21%28.6 Pips

Upcoming key events for the new week (London Time)

Thu 12:30 PM Initial Unemployment Insurance Claims
Thu 12:30 PM GDP Annualized
Fri 05:00 AM Good Friday
Fri 05:00 AM Good Friday
Fri 12:30 PM Personal Consumption Expenditures Price Index (1-mth)
Fri 12:30 PM Personal Consumption Expenditures Price Index (12-mth)

What happened over the week

🇨🇦 Canada Retail Trade (1-mth) in January dropped to -0.3% compared to previous figure 0.9% in December Source: Statistics Canada
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in March dropped to 3.2 points compared to previous figure 5.2 points in February
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
🇺🇸 U.S. Interest Rate Projections – 1st year below forecast and dropped to 3.9% compared to previous rate 4.6%
🇨🇦 Canada CPI Inflation Rate (12-mth) in February dropped to 2.8% compared to previous figure 2.9% in January Source: Statistics Canada
🇺🇸 U.S. Building Permits (1-mth) in February rose to 1.518M compared to previous figure 1.489, revised from 1.47M in January 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 0.59% to 1.36060. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-03-22, the pair rose 0.48% or 65 pips higher.

Looking ahead on Monday, USDCAD looks bullish as the pair ended higher after Friday trading session.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.36630 (WR1) with break above could target 1.37200 (WR2). On the downside, we are looking at week low of 1.34510 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36140 would suggest bullish bias after recent positive movement.

For the month of March, USDCAD is up by 0.21% or 28.6 pips higher.

Weekly key levels to watch out:

Weekly Pivot1.35570

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