USDCAD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.12% | -15.8 Pips |  |
||
| Week 2023-06-09 | -0.6% | -80 Pips |  |
||
| June | -1.69% | -229 Pips | |
||
Upcoming key events for the new week (London Time)
Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) Tue 01:30 PM USD CPI Inflation Rate excluding Food & Energy sectors (12-mth) Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 07:00 PM USD FOMC Monetary Policy Statement Wed 07:00 PM USD FOMC Economic Projections 
Thu 01:30 PM USD Initial Unemployment Insurance Claims Thu 01:30 PM USD Monthly Retail Trade (1-mth) Thu 01:30 PM USD Retail Trade Control Group Fri 03:00 PM USD Michigan Index of Consumer Sentiment
What happened over the week
🇨🇦 Canada Unemployment Rate in May exceed forecast and rose to 5.2% compared to previous figure 5% in April Source: Statistics Canada 🇺🇸 In the week ending 03 June, U.S. Initial Unemployment Insurance Claims rose to 261K compared to previous figure 233K (revised from 232K) Source: Department of Labor 🇨🇦 Bank of Canada Policy Interest Rate exceed forecast and rose to 4.75% compared to previous rate 4.5% Source: Bank of Canada 🇺🇸 U.S. Goods and Services Trade Balance in April dropped to -74.6$ compared to previous figure -60.6$ (revised from -64.2$) 🇨🇦 Ivey Purchasing Managers Index in May rose to 60.1 compared to previous figure 55.6 in April 🇺🇸 Factory Orders (1-mth) in April exceed forecast and rose to 4% compared to previous figure 0.9% in March Source: Census Bureau
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday dropped -0.12% to 1.33410. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2023-06-09, the pair dropped -0.6% or -80 pips lower.
Looking ahead on Monday, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.33090.
For the new week, our technical outlook looks bearish, immediate support level is at 1.32795 (WS1) with break below could see further selling pressure towards 1.32179 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.34616 as an important indicator of buying interest. Failure to break the resistance level would continue to echo bearish sentiment. A close below week low of 1.33090 would indicate selling pressure.
For the month of June, USDCAD is down by -1.69% or -229 pips lower.
Weekly key levels to watch out:
| R3 | 1.35847 |
| R2 | 1.35231 |
| R1 | 1.34321 |
| Weekly Pivot | 1.33705 |
| S1 | 1.32795 |
| S2 | 1.32179 |
| S3 | 1.31269 |
You might also be interested in:
Monthly Wholesale Trade: Sales and Inventories Source: Census Bureau
Labour Force Survey, May 2023 Source: Statistics Canada Marine Economy Satellite Account, 2021 Source: Bureau of Economic Analysis U.S. International Trade in Goods and Services, April 2023 Source: Bureau of Economic Analysis Bank of Canada raises policy rate 25 basis points, continues quantitative tightening Source: Bank of Canada U.S. International Trade in Goods and Services Source: Census Bureau Quarterly Financial Report Source: Census Bureau Quarterly Financial Report – Retail Source: Census Bureau Canadian international trade in services, April 2023 Source: Statistics Canada Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau Building permits, April 2023 Source: Statistics Canada
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