USDCAD on Friday rose 0.08% to 1.36680. Week ending 2024-04-26 moved lower by -0.56%. What you need to know.

USDCAD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.08%	10.5 Pips
Week 2024-04-26	-0.56%	-77 Pips
April	0.97%	131 Pips

Upcoming key events for the new week (London Time)

Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate)
Thu 01:30 PM Initial Unemployment Insurance Claims
Fri 01:30 PM Average Hourly Earnings (1-mth)
Fri 01:30 PM Average Hourly Earnings (12-mth)
Fri 01:30 PM Nonfarm Payroll Employment

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in April dropped to 77.2 points compared to previous figure 77.9 points in March Source: University of Michigan
🇺🇸 U.S. Personal Spending in March unchanged at 0.8% compared to previous report in February. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in March rose to 2.7% compared to previous figure 2.5% in February
🇺🇸 U.S. Core Personal Consumption Expenditures (3-mth) in Q1 flash estimate rose to 3.7% compared to previous figure 2% in Q4 Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP Annualized in Q1 flash estimate dropped to 1.6% compared to previous figure 3.4% in Q4 Source: Bureau of Economic Analysis
🇺🇸 In the week ending 20 April, U.S. Initial Unemployment Insurance Claims dropped to 207K compared to previous figure 212K Source: Department of Labor
🇺🇸 U.S. Durable Goods Orders in March rose to 1.4% compared to previous figure 0.7% (revised from 1.4%) Source: Census Bureau
🇨🇦 Canada Retail Trade excluding Automobile (1-mth) in February dropped to -0.3% compared to previous figure 0.4, revised from 0.5% in January Source: Statistics Canada
🇺🇸 U.S. Nondefense Capital Goods Orders excluding Aircraft in March dropped to 0.2% compared to previous figure 0.4% (revised from 0.7%) Source: Census Bureau
🇨🇦 Canada Retail Trade (1-mth) in February improved to -0.1% compared to previous figure -0.3% in January Source: Statistics Canada

From X (Twitter)

Retail sales decreased 0.1% to $66.7 billion in February 2024. https://t.co/FXwLD9I3ec pic.twitter.com/KTiysZNCw1

— Statistics Canada (@StatCan_eng) April 24, 2024

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

USDCAD on Friday rose 0.08% to 1.37. Price is below 9-Day EMA while Stochastic is rising in oversold zone. For the week ending 2024-04-26, the pair dropped -0.56% or -77 pips lower.

Looking ahead, USDCAD looks bullish as the pair ended higher after Friday trading session.

For the new week, our technical outlook looks bearish, immediate support level is at 1.36 (WS1) with break below could see further selling pressure towards 1.36 (WS2). For potential buyers, as the current momentum is bearish, we prefer to look at firm break of the week high of 1.38 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 1.36 would indicate selling pressure.

For the month of April, USDCAD is up by 0.97% or 131 pips higher.

Weekly key levels to watch out:

You might also be interested in:

Gross Domestic Product, First Quarter 2024 (Advance Estimate) Source: Bureau of Economic Analysis
Payroll employment, earnings and hours, and job vacancies, February 2024 Source: Statistics Canada
Monthly Survey of Manufacturing: Flash estimate, March 2024 Source: Statistics Canada
Retail trade, February 2024 Source: Statistics Canada
New Housing Price Index, March 2024 Source: Statistics Canada