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USDCAD on Friday dropped -0.19% to 1.34210. Week ending 2023-06-02 moved lower by -1.41%. What you need to know.

USDCAD on Friday dropped -0.19% to 1.34210. Week ending 2023-06-02 moved lower by -1.41%. What you need to know.

USDCAD Analysis

Performance
Period Pct Chg Momentum
Friday -0.19% -25.7 Pips
Week 2023-06-02 -1.41% -192 Pips
June -1.1% -149 Pips

Upcoming key events for the new week (London Time)

Wed 03:00 PM CAD Bank of Canada Policy Interest Rate
Wed 03:00 PM CAD Bank of Canada Rate Statement
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Fri 01:30 PM CAD Net Change in Employment
Fri 01:30 PM CAD Unemployment Rate

What happened over the week

๐Ÿ‡บ๐Ÿ‡ธ Nonfarm Payroll Employment in May exceed forecast and rose to 339K compared to previous figure 294K in April (revised from 253K) Source: Bureau of Labor Statistics
๐Ÿ‡บ๐Ÿ‡ธ In the week ending 27 May, the Initial Unemployment Insurance Claims rose to 232K compared to previous figure 229K Source: Department of Labor
๐Ÿ‡บ๐Ÿ‡ธ Nonfarm Business Labor Productivity in Q1 below forecast and improved to -2.1% compared to previous figure -2.7% in Q4 Source: Bureau of Labor Statistics
๐Ÿ‡บ๐Ÿ‡ธ U.S. ADP Non-Farm Employment Change in May dropped to 278K compared to previous figure 291K (revised from 296K)
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP (1-mth) in March exceed forecast and dropped to 0% compared to previous figure 0.1% in February Source: Statistics Canada
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP (12-mth) in Q1 rose to 3.1% compared to previous figure -0.1% (revised from 0%) Source: Statistics Canada
๐Ÿ‡จ๐Ÿ‡ฆ Canada GDP (3-mth) in Q1 exceed forecast and rose to 0.8% compared to previous figure 0% in Q4 Source: Statistics Canada
๐Ÿ‡บ๐Ÿ‡ธ U.S. Housing Price Index (1-mth) in March dropped to 0.6% compared to previous figure 0.7% (revised from 0.5%)
๐Ÿ‡จ๐Ÿ‡ฆ Canada Current Account in Q1 rose to -6.17B compared to previous figure -8.05B (revised from -10.64B) Source: Statistics Canada




USDCAD Daily Chart by TradingView

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

USDCAD on Friday dropped -0.19% to 1.34210. Price is below 9-Day EMA while Stochastic is falling. For the week ending 2023-06-02, the pair dropped -1.41% or -192 pips lower.

Looking ahead on Monday, USDCAD looks bearish as the pair posted lower in Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 1.33323 (WS1) with break below could see further selling pressure towards 1.32436 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.36511 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 1.34030 would indicate selling pressure.

For the month of June, USDCAD is down by -1.1% or -149 pips lower.

Weekly key levels to watch out:

R3 1.38285
R2 1.37398
R1 1.35804
Weekly Pivot 1.34917
S1 1.33323
S2 1.32436
S3 1.30842

You might also be interested in:

Payroll employment increases by 339,000 in May; unemployment rate rises to 3.7% Source: Bureau of Labor Statistics
Construction Spending Source: Census Bureau
Gross domestic product by industry, March 2023 Source: Statistics Canada
Gross domestic product, income and expenditure, first quarter 2023 Source: Statistics Canada
Minutes of the Board’s discount rate meetings from April 10 through May 3, 2023 Source: Federal Reserve

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