|Week Ending 2023-09-22|
|Week 2023-09-22||-0.3%||-40 Pips|
Upcoming key events for the new week (London Time)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM GDP Annualized
Thu 09:00 PM Federal Reserve Chair Jerome Powell speech
Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (1-mth)
Fri 01:30 PM Core Personal Consumption Expenditures – Price Index (12-mth)
What happened over the week
🇨🇦 Canada Retail Trade (1-mth) in July below forecast and rose to 0.3% compared to previous figure 0.1% in June Source: Statistics Canada
🇺🇸 U.S. Philadelphia Fed Manufacturing Survey in September exceed forecast and dropped to -13.5 points compared to previous figure 12 points in August
🇺🇸 In the week ending 16 September, U.S. Initial Unemployment Insurance Claims dropped to 201K compared to previous figure 221K (revised from 220K) Source: Department of Labor
🇺🇸 U.S. Fed Interest Rate Decision (Federal Funds Rate) unchanged at 5.5% compared to previous rate 5.5% Source: Federal Reserve
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.04% to 1.35. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-09-22, the pair dropped -0.3% or -40 pips lower.
Looking ahead, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.34.
For the new week, our technical outlook looks bearish, immediate support level is at 1.34 (WS1) with break below could see further selling pressure towards 1.33 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.35 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 1.34 would indicate selling pressure.
For the month of September, USDCAD is down by -0.2% or -27.5 pips lower.
Weekly key levels to watch out:
You might also be interested in:
Retail trade, July 2023 Source: Statistics Canada
U.S. International Transactions, 2nd Quarter 2023 Source: Bureau of Economic Analysis
New Housing Price Index, August 2023 Source: Statistics Canada
Federal Reserve Board and Federal Open Market Committee release economic projections from the September 19-20 FOMC meeting Source: Federal Reserve
Federal Reserve issues FOMC statement Source: Federal Reserve
New Residential Construction Source: Census Bureau
Advance U.S. International Trade in Goods Source: Census Bureau
Business Formation Statistics Source: Census Bureau
Consumer Price Index, August 2023 Source: Statistics Canada
#USDCAD trending on Twitter
Important Notice: Links and references to other websites are provided to you as a convenience only. This website is not sponsored by, endorsed by, or affiliated with all parties in any way. Additional Disclaimer: We do not endorsed nor verified the posts provided by Twitter widget.