USDCAD Analysis
| Week Ending 2024-07-26 | |||
| Open | High | Low | Close |
| 1.38 | 1.38 | 1.38 | 1.38 |
| Performance | ||||||
| Period | Pct | Chg | Momentum | |||
| Friday | 0.11% | 15.8 Pips |  |
|||
| Week 2024-07-26 | 0.92% | 126 Pips |  July |
1.17% | 160.3 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 Nonfarm Payroll Employment Fri 01:30 PM Average Hourly Earnings (1-mth) Fri 01:30 PM Average Hourly Earnings (12-mth)
What happened over the week
🇺🇸 The U.S. Michigan Index of Consumer Sentiment rose to 66.4 points in July, up from 66 points in June. Source: University of Michigan
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (12-mth) in June dropped to 2.5% compared to the previous figure of 2.6% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. Personal Consumption Expenditures – Price Index (1-mth) in June rose to 0.1% from 0% in May. Source: Bureau of Economic Analysis
🇺🇸 U.S. GDP annual rate in the Q2 flash estimate rose to 2.8%, compared to the previous figure of 1.4% in Q1. Source: Bureau of Economic Analysis
🇺🇸 U.S. Durable Goods – New Orders in June dropped to -6.6% from 0.1% in May. Source: Census Bureau
🇺🇸 U.S. Durable Goods Orders excluding Transportation rose to 0.5% in June compared to -0.1% in May. Source: Census Bureau
🇺🇸 In the week ending 20 July, U.S. Initial Unemployment Insurance Claims dropped to 235K compared to previous figure 245K (revised from 243K) Source: Department of Labor
🇺🇸 U.S. New-Home Sales Change (1-mth) in June improved to -0.6% from a revised -14.9% in May.
🇨🇦 Canada Bank of Canada Policy Interest Rate dropped to 4.5% compared to previous rate 4.75% Source: Bank of Canada
From X (Twitter)
We have lowered our policy interest rate to 4.50%.
Learn more: https://t.co/rKj3xkejqF#economy #cdnecon pic.twitter.com/kXgwZWJeaJ
— Bank of Canada (@bankofcanada) July 24, 2024
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.11% to 1.38. Price is above 9-Day EMA while Stochastic is falling in overbought zone. For the week ending 2024-07-26, the pair rose 0.92% or 126 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 1.39 (WR1) with break above could target 1.39 (WR2). On the downside, we are looking at week low of 1.38 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.38 would suggest bullish bias after recent positive movement.
For the month of July, USDCAD is up by 1.17% or 160.3 pips higher.
Weekly key levels to watch out:
| R3 | 1.40 |
| R2 | 1.39 |
| R1 | 1.39 |
| Weekly Pivot | 1.38 |
| S1 | 1.38 |
| S2 | 1.37 |
| S3 | 1.37 |
You might also be interested in:
Gross Domestic Product, Second Quarter 2024 (Advance Estimate) Source: Bureau of Economic Analysis Advance Monthly Manufacturers’ Shipments, Inventories, and Orders Source: Census Bureau New Home Sales Source: Census Bureau
Payroll employment, earnings and hours, and job vacancies, May 2024 Source: Statistics Canada Monetary Policy Report – July 2024 Source: Bank of Canada Bank of Canada reduces policy rate by 25 basis points to 4½% Source: Bank of Canada Advance Retail Inventories Source: Census Bureau Advance U.S. International Trade in Goods Source: Census Bureau Advance Wholesale Inventories Source: Census Bureau Monthly Survey of Manufacturing: Flash estimate, June 2024 Source: Statistics Canada New Housing Price Index, June 2024 Source: Statistics Canada Direct Investment by Country and Industry, 2023 Source: Bureau of Economic Analysis