USDCAD Analysis
Week ending 2023-03-24 | |||
Open | High | Low | Close |
1.37046 | 1.38044 | 1.36270 | 1.37440 |
Performance | |||||
Period | Pct | Chg | Momentum | ||
Friday | 0.27% | 37 Pips | |||
Week 2023-03-24 | 0.12% | 17 Pips | |||
March | 0.73% | 99 Pips |
Upcoming key events for the new week (London Time)
Thu 01:30 PM USD GDP (12-mth)
What happened over the week
π πΊπΈ USD S&P Global Manufacturing PMI in March preliminary estimate exceed forecast and rose to 49.3 points compared to previous figure 47.3 points in February. Source
π β’οΈ π¨π¦ CAD Retail Sales (1-mth) in January exceed forecast and rose to 1.4% compared to previous figure 0.5% in December. Source
π β’οΈ πΊπΈ USD Durable Goods Orders in February below forecast and improved to -1% compared to previous figure -5, revised from -4.5% in January. Source
π πΊπΈ USD Chicago Fed National Activity Index in February below forecast and dropped to -0.19 points compared to previous figure 0.23 points in January. Source
π β’οΈ πΊπΈ USD Fed Interest Rate Decision (Federal Funds Rate) rose to 5% compared to previous rate 4.75%. Source
π π¨π¦ CAD Consumer Price Index – Core (1-mth) in February rose to 0.3% compared to previous figure 0.1% in January. Source
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.27% to 1.37440. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2023-03-24, the pair rose 0.12% or 17 pips higher.
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 1.38044 or at least consolidates above Weekly Pivot level of 1.37251. On the downside, we are looking at week low 1.36270 or 1.36459 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.38044 would suggest bullish bias after recent positive movement.
For the month of March, USDCAD is up by 0.73% or 99 pips higher.
Weekly key levels to watch out:
R3 | 1.40007 |
R2 | 1.39025 |
R1 | 1.38233 |
Weekly Pivot | 1.37251 |
S1 | 1.36459 |
S2 | 1.35477 |
S3 | 1.34685 |
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New Home Sales Source: Census Bureau
Monthly Survey of Manufacturing: Flash estimate, February 2023 Source: Statistics Canada
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Index Suggests Economic Growth Declined in February Source: Chicago Fed
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New Housing Price Index, February 2023 Source: Statistics Canada
Consumer Price Index, February 2023 Source: Statistics Canada
Quarterly Financial Report Source: Census Bureau
Quarterly Financial Report – Retail Source: Census Bureau
Coordinated central bank action to enhance the provision of U.S. dollar liquidity Source: Federal Reserve
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