USDCAD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.01% | -1 Pips |  |
||
| Week 2023-05-19 | -0.37% | -50 Pips | |
||
| May | -0.36% | -49 Pips |  |
||
Upcoming key events for the new week (London Time)
Mon 06:00 AM CAD Victoria Day
Wed 07:00 PM USD FOMC Meeting Minutes 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD GDP Annualized Fri 01:30 PM USD Durable Goods Orders Fri 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
What happened over the week
🇨🇦 Retail Trade Turnover (1-mth) in March dropped to -1.4% compared to previous figure -0.2% in February Source: Statistics Canada 🇺🇸 Philadelphia Fed Manufacturing Survey in May below forecast and improved to -10.4 points compared to previous figure -31.3 points in April USD Building Permits (1-mth) in April dropped to 1.416M compared to previous figure 1.437M (revised from 1.413M). Source: Census Bureau 🇺🇸 Advance Monthly Retail Trade (1-mth) in April below forecast and rose to 0.4% compared to previous figure -0.6, revised from -1% in March Source: Census Bureau 🇨🇦 CPI Inflation Rate (12-mth) in April exceed forecast and rose to 4.4% compared to previous figure 4.3% in March Source: Statistics Canada
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday dropped -0.01% to 1.34980. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-05-19, the pair dropped -0.37% or -50 pips lower.
Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.34010.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.35675 or at least consolidates above Weekly Pivot level of 1.34888. On the downside, we are looking at week low 1.34010 or 1.34102 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A close below week low of 1.34010 would indicate selling pressure.
For the month of May, USDCAD is down by -0.36% or -49 pips lower.
Weekly key levels to watch out:
| R3 | 1.37432 |
| R2 | 1.36553 |
| R1 | 1.35767 |
| Weekly Pivot | 1.34888 |
| S1 | 1.34102 |
| S2 | 1.33223 |
| S3 | 1.32437 |
You might also be interested in:
Retail trade, March 2023 Source: Statistics Canada New Housing Price Index, April 2023 Source: Statistics Canada
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advanced Monthly Sales for Retail and Food Services Source: Census Bureau Monthly Survey of Manufacturing, March 2023 Source: Statistics Canada Consumer Price Index, April 2023 Source: Statistics Canada
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