USDCAD Analysis
| Week Ending 2024-09-13 | |||
| Open | High | Low | Close |
| 1.36 | 1.36 | 1.36 | 1.36 |
| Performance | ||||||
| Period | Pct | Chg | Momentum | |||
| Friday | 0.11% | 15.5 Pips |  |
|||
| Week 2024-09-13 | 0.17% | 22.9 Pips |  September |
0.71% | 95.9 Pips | |
Upcoming key events for the new week (London Time)
Tue 01:30 PM CPI Inflation Rate (12-mth)
Tue 01:30 PM Monthly Retail Trade (1-mth) Wed 07:00 PM Fed Interest Rate Decision (Federal Funds Rate) Wed 07:00 PM Interest Rate Projections 
Thu 01:30 PM Initial Unemployment Insurance Claims
What happened over the week
In the United States, the Index of Consumer Sentiment in the September flash estimate increased to 69 points from 67.9 points in August, according to the University of Michigan. Initial Unemployment Insurance Claims for the week ending 07 September rose to 230,000, compared to the revised previous figure of 228,000 as reported by the Department of Labor. The 12-month Producer Price Index (PPI) for August declined to 1.7% from the revised July figure of 2.2%, while the 1-month PPI for the same period saw a slight increase to 0.2%, up from 0.1% in July. Additionally, the Consumer Price Index (CPI) inflation rate for August remained steady at 0.2% month-over-month, but the 12-month CPI inflation rate decreased to 2.5% from 2.9% in July, all data provided by the Bureau of Labor Statistics.
The recent economic data from the United States presents a mixed bag, influencing USDCAD’s movement. The rise in consumer sentiment suggests an optimistic outlook among consumers, which may lead to increased consumer spending and potentially a stronger USD. However, the slight rise in unemployment claims introduces caution regarding the labor market’s health. The drop in the 12-month PPI and CPI inflation rates indicates easing inflationary pressures, which could be seen as a sign of economic stabilization. These dynamics collectively contributed to a relatively modest rise of 0.11% in USDCAD to 1.35850 on Friday and a 0.17% increase over the week ending 2024-09-13.
From X (Twitter)
The #unemployment rate rose 0.2 percentage points to 6.6% in August, after holding steady in July. The unemployment rate in August was the highest since May 2017, outside of 2020 and 2021. https://t.co/fKNyw1WQ9d pic.twitter.com/RU52xhYHDl
— Statistics Canada (@StatCan_eng) September 13, 2024
What can we expect from USDCAD for the new week and what happened on Friday?
USDCAD on Friday rose 0.11% to 1.36. Price is above 9-Day EMA while Stochastic is falling. For the week ending 2024-09-13, the pair rose 0.17% or 22.9 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 1.36 (WR1) with break above could target 1.37 (WR2). On the downside, we are looking at week low of 1.36 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36 would suggest bullish bias after recent positive movement.
For the month of September, USDCAD is up by 0.71% or 95.9 pips higher.
Weekly key levels to watch out:
| R3 | 1.37 |
| R2 | 1.37 |
| R1 | 1.36 |
| Weekly Pivot | 1.36 |
| S1 | 1.36 |
| S2 | 1.35 |
| S3 | 1.35 |
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