USDCAD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.07% | -9.8 Pips |  |
||
| Week 2023-06-30 | 0.58% | 76.9 Pips |  |
||
| June | -2.39% | -324.4 Pips |  |
||
Upcoming key events for the new week (London Time)
Mon 06:00 AM Canada Day
Mon 03:00 PM ISM Manufacturing PMI Tue 06:00 AM Independence Day Wed 07:00 PM FOMC Meeting Minutes Thu 01:15 PM ADP Non-Farm Employment Change 
Thu 01:30 PM Initial Unemployment Insurance Claims Thu 03:00 PM ISM Services PMI Fri 01:30 PM Nonfarm Payroll Employment Fri 01:30 PM Net Change in Employment Fri 01:30 PM Unemployment Rate
What happened over the week
🇺🇸 U.S. UoM 5-year Consumer Inflation Expectation in June unchanged at 3% compared to previous report in May. Source: University of Michigan 🇺🇸 U.S. Michigan Index of Consumer Sentiment in June exceed forecast and rose to 64.4 points compared to previous figure 63.9 points in May Source: University of Michigan 🇺🇸 U.S. Personal Income (1-mth) in May rose to 0.4% compared to previous figure 0.3, revised from 0.4% in April Source: Bureau of Economic Analysis 🇨🇦 Canada GDP (1-mth) in April below forecast and dropped to 0% compared to previous figure 0.1, revised from 0% in March Source: Statistics Canada 🇺🇸 U.S. GDP Annualized in Q1 exceed forecast and rose to 2% compared to previous figure 1.3% in Q4 Source: Bureau of Economic Analysis 🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 below forecast and dropped to 4.9% compared to previous figure 5% in Q4 Source: Bureau of Economic Analysis 🇺🇸 U.S. New Residential Sales (1-mth) in May exceed forecast and rose to 0.763M compared to previous figure 0.68, revised from 0.683M in April Source: Census Bureau 🇺🇸 U.S. Housing Price Index (1-mth) in April exceed forecast and rose to 0.7% compared to previous figure 0.5, revised from 0.6% in March 🇺🇸 U.S. Durable Goods Orders excluding Transportation in May rose to 0.6% compared to previous figure -0.6% (revised from -0.2%) Source: Census Bureau 🇨🇦 Canada CPI Inflation Rate (12-mth) in May dropped to 3.4% compared to previous figure 4.4% in April Source: Statistics Canada
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday dropped -0.07% to 1.32416. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2023-06-30, the pair rose 0.58% or 76.9 pips higher.
Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.31164.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.32846 or at least consolidates above Weekly Pivot level of 1.32142. On the downside, we are looking at week low 1.31164 or 1.31438 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.32846 would suggest bullish bias after recent positive movement.
For the month of June, USDCAD is down by -2.39% or -324.4 pips lower.
Weekly key levels to watch out:
| R3 | 1.34802 |
| R2 | 1.33824 |
| R1 | 1.33120 |
| Weekly Pivot | 1.32142 |
| S1 | 1.31438 |
| S2 | 1.30460 |
| S3 | 1.29756 |
You might also be interested in:
Gross domestic product by industry, April 2023 Source: Statistics Canada
Gross Domestic Product (Third Estimate), Corporate Profits (Revised Estimate), and GDP by Industry, First Quarter 2023 Source: Bureau of Economic Analysis Powell, Financial Stability and Economic Developments Source: Federal Reserve Payroll employment, earnings and hours, and job vacancies, April 2023 Source: Statistics Canada Federal Reserve Board releases results of annual bank stress test, which demonstrates that large banks are well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession Source: Federal Reserve U.S. International Investment Position, 1st Quarter 2023 and Annual Update Source: Bureau of Economic Analysis Advance Retail Inventories Source: Census Bureau Advance U.S. International Trade in Goods Source: Census Bureau Advance Wholesale Inventories Source: Census Bureau New Home Sales Source: Census Bureau Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau Consumer Price Index, May 2023 Source: Statistics Canada Monthly Survey of Manufacturing: Flash estimate, May 2023 Source: Statistics Canada
#USDCAD trending on Twitter
[custom-twitter-feeds hashtag=”#USDCAD” num=3 showheader=false]
Important Notice: We do not endorsed nor verified the posts provided by Twitter widget.
