USDCAD on Friday rose 0.05% to 1.37270. Week ending 2023-03-17 moved lower by -0.67%. What happened.

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Week Ending 2023-03-17
Open High Low Close
1.38 1.38 1.36 1.37
Period Pct Chg Momentum
Friday 0.05% 6.6 Pips
Week 2023-03-17 -0.67% -92.6 Pips
March 0.6% 82 Pips

Upcoming key events for the new week (London Time)

Wed 06:00 PM USD Fed Interest Rate Decision (Federal Funds Rate)
Wed 06:00 PM USD FOMC Monetary Policy Statement
Wed 06:30 PM USD FOMC Press Conference
Fri 12:30 PM USD Durable Goods Orders
Fri 12:30 PM USD Nondefense Capital Goods xcluding Aircraft
Fri 12:30 PM CAD Retail Sales (1-mth)

What happened over the week

📆 🇺🇸 USD Philadelphia Fed Manufacturing Survey in March exceed forecast and improved to -23.2 points compared to previous figure -24.3 points in February. Source
📆 🇺🇸 USD Building Permits (1-mth) in February exceed forecast and rose to 1.524M compared to previous figure 1.339M in January. Source
📆 ☢️ 🇺🇸 USD Retail Control Group in February exceed forecast and dropped to 0.5% compared to previous figure 2.3, revised from 1.7% in January. Source
📆 ☢️ 🇺🇸 USD CPI Inflation Rate excluding Food & Energy sectors (1-mth) in February exceed forecast and rose to 0.5% compared to previous figure 0.4% in January. Source

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

USDCAD on Friday rose 0.05% to 1.37. Price is below 9-Day EMA while Stochastic is in neutral zone. For the week ending 2023-03-17, the pair dropped -0.67% or -92.6 pips lower.

Looking ahead, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.36.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.38 or at least consolidates above Weekly Pivot level of 1.37. On the downside, we are looking at week low 1.36 or 1.36 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A close below week low of 1.36 would indicate selling pressure.

For the month of March, USDCAD is up by 0.6% or 82 pips higher.

Weekly key levels to watch out:

R3 1.40
R2 1.39
R1 1.38
Weekly Pivot 1.37
S1 1.36
S2 1.36
S3 1.35

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