USDCAD on Friday rose 0.23% to 1.31810. Week ending 2023-06-23 moved lower by -0.13%. What happened.

USDCAD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.23%	29.9 Pips
Week 2023-06-23	-0.13%	-17 Pips
June	-2.87%	-389 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM USD Durable Goods Orders
Tue 01:30 PM USD Nondefense Capital Goods Orders excluding Aircraft
Tue 01:30 PM CAD Bank of Canada Core Inflation CPI (12-mth)
Wed 09:30 PM USD Bank Stress Test Info
Thu 01:30 PM USD Initial Unemployment Insurance Claims
Thu 01:30 PM USD GDP Annualized (12-mth)

What happened over the week

🇺🇸 U.S. Chicago Fed National Activity Index in May below forecast and dropped to -0.15 points compared to previous figure 0.07 points in April
🇨🇦 Canada Retail Trade (1-mth) in April exceed forecast and rose to 1.1% compared to previous figure -1.5, revised from -1.4% in March Source: Statistics Canada
🇺🇸 U.S. Building Permits (1-mth) in May exceed forecast and rose to 1.491M compared to previous figure 1.417, revised from 1.416M in April Source: Census Bureau

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

USDCAD on Friday rose 0.23% to 1.31810. Price is below 9-Day EMA while Stochastic is falling in oversold zone. For the week ending 2023-06-23, the pair dropped -0.13% or -17 pips lower.

Looking ahead on Monday, USDCAD looks bullish as the pair ended higher after 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 1.32697 or at least consolidates above Weekly Pivot level of 1.31963. On the downside, we are looking at week low 1.31381 or 1.31228 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A close below week low of 1.31381 would indicate selling pressure.

For the month of June, USDCAD is down by -2.87% or -389 pips lower.

Weekly key levels to watch out:

You might also be interested in:

U.S. International Transactions, 1st Quarter 2023 and Annual Update Source: Bureau of Economic Analysis
Powell, Semiannual Monetary Policy Report to the Congress Source: Federal Reserve
New Housing Price Index, May 2023 Source: Statistics Canada
Retail trade, April 2023 Source: Statistics Canada
Business Formation Statistics Source: Census Bureau
New Residential Construction Source: Census Bureau
Consumer Price Index: New basket weights, 2023 update Source: Statistics Canada

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