USDCAD on Friday dropped -0.02% to 1.38240. Week ending 2023-03-10 rose 1.71%. Bullish momentum. What you need to know.

USDCAD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	-0.02%	-2.1 Pips
Week 2023-03-10	1.71%	233 Pips	March	1.31%	179 Pips

Upcoming key events for the new week (London Time)

Tue 12:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth)
Wed 12:30 PM USD Retail Sales (1-mth)
Wed 12:30 PM USD Retail Control Group

What happened over the week

📆 ☢️ 🇺🇸 USD Nonfarm Payroll Employment in February exceed forecast and dropped to 311K compared to previous figure 504, revised from 517K in January. Source
📆 🇨🇦 CAD Average Hourly Wages (12-mth) in February rose to 5.4% compared to previous figure 4.5% in January. Source
🇺🇸 📆 USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
📆 ☢️ 🇨🇦 CAD Bank of Canada Policy Interest Rate unchanged at 4.5% compared to previous rate 4.5%. Source
📆 🇺🇸 USD Goods and Services Trade Balance in January below forecast and dropped to -68.3$ compared to previous figure -67.2, revised from -67.4$ in December. Source
📆 🇺🇸 USD Factory Orders (1-mth) in January below forecast and dropped to -1.6% compared to previous figure 1.7, revised from 1.8% in December. Source

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

USDCAD on Friday dropped -0.02% to 1.38240. Price is above 9-Day EMA while Stochastic is falling but in overbought zone. For the week ending 2023-03-10, the pair rose 1.71% or 233 pips higher.

Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.35780.

As for the new week, our technical outlook looks bullish, immediate upside resistance level at 1.39312 (WR1) with break above could target 1.40384 (WR2). On the downside, we are looking at week low of 1.35780 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38618 would suggest bullish bias after recent positive movement.

For the month of March, USDCAD is up by 1.31% or 179 pips higher.

Weekly key levels to watch out:

You might also be interested in:

Labour Force Survey, February 2023 Source: Statistics Canada
January job openings and quits decrease; layoffs and discharges increase Source: Bureau of Labor Statistics Publications
U.S. International Trade in Goods and Services, January 2023 Source: Bureau of Economic Analysis
Bank of Canada maintains policy rate, continues quantitative tightening Source: Bank of Canada
Canadian international trade in services, January 2023 Source: Statistics Canada
U.S. International Trade in Goods and Services Source: Census Bureau
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau
Annual Survey of Manufacturing and Logging Industries: Products produced and sold and Raw materials purchased or used, 2021 Source: Statistics Canada

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