USDCAD Analysis
| Performance | |||||
| Period | Pct | Chg | Momentum | ||
| Friday | -0.32% | -44.1 Pips |  |
||
| Week 2023-04-28 | 0.08% | 11 Pips |  |
||
| April | 0.27% | 36 Pips |  |
||
Upcoming key events for the new week (London Time)
Wed 01:15 PM USD ADP Non-Farm Employment Change Wed 07:00 PM USD Fed Interest Rate Decision (Federal Funds Rate) Wed 07:00 PM USD FOMC Monetary Policy Statement Wed 07:30 PM USD FOMC Press Conference 
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 05:50 PM CAD Bank of Canada’s Governor Tiff Macklem speech Fri 01:30 PM USD Nonfarm Payroll Employment Fri 01:30 PM CAD Net Change in Employment Fri 01:30 PM CAD Unemployment Rate
What happened over the week
🇺🇸 UoM 5-year Consumer Inflation Expectation in April exceed forecast and rose to 3% compared to previous figure 2.9% in March Source: University of Michigan 🇺🇸 Michigan Index of Consumer Sentiment in April unchanged at 63.5 points compared to previous report in March. The actual figure is also in line with the forecast Source: University of Michigan 🇺🇸 Personal Income (1-mth) in March unchanged at 0.3% compared to previous report in February. Source: Bureau of Economic Analysis CAD GDP (1-mth) in February dropped to 0.1% compared to previous figure 0.6% (revised from 0.5%). Source: Statistics Canada 🇺🇸 Pending Home Sales (1-mth) in March rose to 0.8% compared to previous figure 0.8%. 🇺🇸 Core Personal Consumption Expenditures (3-mth) in Q1 preliminary estimate exceed forecast and rose to 4.9% compared to previous figure 4.4% in Q4 Source: Bureau of Economic Analysis 🇺🇸 GDP Annualized in Q1 preliminary estimate below forecast and dropped to 1.1% compared to previous figure 2.6% in Q4 Source: Bureau of Economic Analysis 🇺🇸 In the week ending 22 April, the Initial Unemployment Insurance Claims dropped to 230K compared to previous figure 245K Source: Department of Labor 🇺🇸 Durable Goods Orders excluding Transportation in March rose to 0.3% compared to previous figure -0.3% (revised from 0%). Source: Census Bureau 🇺🇸 New Residential Sales (1-mth) in March exceed forecast and rose to 0.683M compared to previous figure 0.623, revised from 0.64M in February Source: Census Bureau 🇺🇸 Housing Price Index (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.1, revised from 0.2% in January 🇺🇸 Chicago Fed National Activity Index in March unchanged at -0.19 points compared to previous report in February.
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday dropped -0.32% to 1.35470. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2023-04-28, the pair rose 0.08% or 11 pips higher.
Looking ahead on Monday, USDCAD looks bearish as the pair posted lower in Friday trading session.
For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.36676 or at least consolidates above Weekly Pivot level of 1.35775. On the downside, we are looking at week low 1.35180 or 1.34875 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36676 would suggest bullish bias after recent positive movement.
For the month of April, USDCAD is up by 0.27% or 36 pips higher.
Weekly key levels to watch out:
| R3 | 1.37867 |
| R2 | 1.37271 |
| R1 | 1.36371 |
| Weekly Pivot | 1.35775 |
| S1 | 1.34875 |
| S2 | 1.34279 |
| S3 | 1.33379 |
You might also be interested in:
Gross domestic product by industry, February 2023 Source: Statistics Canada
Gross Domestic Product, First Quarter 2023 (Advance Estimate) Source: Bureau of Economic Analysis Payroll employment, earnings and hours, and job vacancies, February 2023 Source: Statistics Canada Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau 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 Monthly Survey of Manufacturing: Flash estimate, March 2023 Source: Statistics Canada New Housing Price Index, March 2023 Source: Statistics Canada
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