Forex

USDCAD on Friday dropped -0.07% to 1.35885. Week ending 2023-12-08 rose 0.72%. What happened.

USDCAD on Friday dropped -0.07% to 1.35885. Week ending 2023-12-08 rose 0.72%. What happened.
USDCAD on Friday dropped -0.07% to 1.35885. Week ending 2023-12-08 rose 0.72%.  What happened.

USDCAD Analysis

Week Ending 2023-12-08
Open High Low Close
1.35 1.36 1.35 1.36
Performance
Period Pct Chg Momentum
Friday -0.07% -9.4 Pips
Week 2023-12-08 0.72% 97.5 Pips
December 0.2% 27.6 Pips

Upcoming key events for the new week (London Time)

Tue 01:30 PM CPI Inflation Rate (12-mth)
Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Thu 01:30 PM Monthly Retail Trade (1-mth)

What happened over the week

?? U.S. Nonfarm Payroll Employment in November exceed forecast and rose to 199K compared to previous figure 150K in October Source: Bureau of Labor Statistics
?? In the week ending 02 December, U.S. Initial Unemployment Insurance Claims rose to 220K compared to previous figure 219K (revised from 218K) Source: Department of Labor
?? U.S. Challenger Job Cuts in November rose to 45.51K compared to previous figure 36.836K in October
?? Canada Bank of Canada Policy Interest Rate unchanged at 5% compared to previous rate 5% Source: Bank of Canada
?? Canada Ivey Purchasing Managers Index seasonal adjustment in November exceed forecast and rose to 54.7 compared to previous figure 53.4 in October
?? Canada Ivey Purchasing Managers Index in November rose to 53.2 compared to previous figure 51.9 in October
?? U.S. Nonfarm Business Labor Productivity in Q3 exceed forecast and rose to 5.2% compared to previous figure 4.7% in Q2 Source: Bureau of Labor Statistics
?? U.S. Job Openings and Labor Turnover Survey (JOLTS) in October below forecast and dropped to 8.733M compared to previous figure 9.35, revised from 9.553M in September Source: Bureau of Labor Statistics
?? U.S. Factory Orders (1-mth) in October exceed forecast and dropped to -3.6% compared to previous figure 2.3, revised from 2.8% in September Source: Census Bureau

From X (Twitter)


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

USDCAD on Friday dropped -0.07% to 1.36. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2023-12-08, the pair rose 0.72% or 97.5 pips higher.

Looking ahead, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.35.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.36 or at least consolidates above Weekly Pivot level of 1.36. On the downside, we are looking at week low 1.35 or 1.35 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A break above 1.36 would suggest bullish bias after recent positive movement.

For the month of December, USDCAD is up by 0.2% or 27.6 pips higher.

Weekly key levels to watch out:

R3 1.38
R2 1.37
R1 1.36
Weekly Pivot 1.36
S1 1.35
S2 1.34
S3 1.34

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