USDCAD Analysis
| Week Ending 2024-07-19 | |||
| Open | High | Low | Close |
| 1.37 | 1.37 | 1.37 | 1.37 |
| Performance | ||||||
| Period | Pct | Chg | Momentum | |||
| Friday | 0.19% | 26 Pips |  |
|||
| Week 2024-07-19 | 0.63% | 86 Pips |  July |
0.43% | 59.3 Pips | |
Upcoming key events for the new week (London Time)
Wed 02:45 PM Bank of Canada Policy Interest Rate
Thu 01:30 PM Initial Unemployment Insurance Claims Thu 01:30 PM GDP annual rate Fri 01:30 PM Personal Consumption Expenditures Price Index (1-mth) Fri 01:30 PM Personal Consumption Expenditures Price Index (12-mth)
What happened over the week
🇨🇦 Canada Retail Trade (1-mth) in May dropped to -0.8% compared to a previous figure of 0.6%, revised from 0.7% in April. Source: Statistics Canada
🇺🇸 In the week ending 13 July, U.S. Initial Unemployment Insurance Claims rose to 243K compared to previous figure 223K (revised from 222K) Source: Department of Labor
The U.S. Manufacturing Business Outlook Survey in July rose to 13.9 points from the previous figure of 1.3 points in June. Source: Philadelphia Fed
🇺🇸 U.S. Industrial Production (1-mth) in June dropped to 0.9% compared to previous figure 1% (revised from 0.9%)
🇺🇸 U.S. Monthly Retail Trade (1-mth) in June dropped to 0% compared to previous figure 0.1% in May Source: Census Bureau
🇨🇦 Canada CPI Inflation Rate (12-mth) in June dropped to 2.7% compared to previous figure 2.9% in May Source: Statistics Canada
From X (Twitter)
The Consumer Price Index (#CPI) rose 2.7% on a year-over-year basis in June 2024, down from a 2.9% gain in May 2024.
Consult our latest article for more info: https://t.co/14KLnOu5TP. pic.twitter.com/j8dEkA1TNJ
— Statistics Canada (@StatCan_eng) July 16, 2024
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.19% to 1.37. Price is above 9-Day EMA while Stochastic is rising. For the week ending 2024-07-19, the pair rose 0.63% or 86 pips higher.
Looking ahead, USDCAD looks bullish as the pair ended higher after Friday trading session.
For the new week, our technical outlook looks bullish, immediate upside resistance level at 1.38 (WR1) with break above could target 1.38 (WR2). On the downside, we are looking at week low of 1.37 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.37 would suggest bullish bias after recent positive movement.
For the month of July, USDCAD is up by 0.43% or 59.3 pips higher.
Weekly key levels to watch out:
| R3 | 1.39 |
| R2 | 1.38 |
| R1 | 1.38 |
| Weekly Pivot | 1.37 |
| S1 | 1.37 |
| S2 | 1.36 |
| S3 | 1.36 |
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Retail trade, May 2024 Source: Statistics Canada
New Residential Construction Source: Census Bureau Manufacturing and Trade Inventories and Sales Source: Census Bureau Advance Monthly Sales for Retail and Food Services Source: Census Bureau Consumer Price Index, June 2024 Source: Statistics Canada Monthly Survey of Manufacturing, May 2024 Source: Statistics Canada Business Outlook Survey—Second Quarter of 2024 Source: Bank of Canada