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


Week ending 2023-03-10
Open High Low Close
1.36056 1.38618 1.35780 1.38240
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

πŸ“† ☒️ πŸ‡ΊπŸ‡Έ USD Nonfarm Payroll Employment in February exceed forecast and dropped to 311K compared to previous figure 504, revised from 517K in January. Source
πŸ“† πŸ‡¨πŸ‡¦ CAD Average Hourly Wages (12-mth) in February rose to 5.4% compared to previous figure 4.5% in January. Source
πŸ‡ΊπŸ‡Έ πŸ“† USD In the week ending 04 March, the Initial Unemployment Claims rose to 211K compared to previous figure 190K. Source
πŸ“† ☒️ πŸ‡¨πŸ‡¦ CAD Bank of Canada Policy Interest Rate unchanged at 4.5% compared to previous rate 4.5%. Source
πŸ“† πŸ‡ΊπŸ‡Έ 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
πŸ“† πŸ‡ΊπŸ‡Έ 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:

R3 1.42150
R2 1.40384
R1 1.39312
Weekly Pivot 1.37546
S1 1.36474
S2 1.34708
S3 1.33636

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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