USDCAD on Friday rose 0.43% to 1.36060. Week ending 2023-02-24 rose 0.98%. Bullish momentum. What you need to know.

USDCAD by TradingView

Performance
Period	Pct	Chg	Momentum
Friday	0.43%	58.7 Pips
Week 2023-02-24	0.98%	132.7 Pips
February	2.26%	300.9 Pips

Next week key events (London Time)

Mon 01:30 PM USD Durable Goods Orders
Mon 01:30 PM USD Nondefense Capital Goods Orders ex Aircraft
Tue 01:30 PM CAD Gross Domestic Product Annualized
Wed 03:00 PM USD ISM Manufacturing PMI
Fri 03:00 PM USD ISM Services PMI

What happened over the week

📆 🇺🇸 USD UoM 5-year Consumer Inflation Expectation in February unchanged at 2.9% compared to previous report in January. The actual figure is also in line with the forecast. Source
📆 🇺🇸 USD Michigan Consumer Sentiment Index in February exceed forecast and rose to 67 points compared to previous figure 66.4 points in January. Source
USD Personal Spending in January rose to 1.8% compared to previous figure -0.1% (revised from -0.2%). Source
📆 🇺🇸 USD Core Personal Consumption Expenditures (QoQ) in Q4 preliminary estimate exceed forecast and rose to 4.3% compared to previous figure 3.9% in Q3. Source
📆 ☢️ 🇺🇸 USD Gross Domestic Product Annualized in Q4 preliminary estimate below forecast and dropped to 2.7% compared to previous figure 2.9% in Q3. Source
🇺🇸 📆 USD In the week ending 18 February, the Initial Jobless Claims dropped to 192K compared to previous figure 195K (revised from 194K). Source
📆 🇺🇸 USD Chicago Fed National Activity Index in January exceed forecast and rose to 0.23 points compared to previous figure -0.46, revised from -0.49 points in December. Source
📆 🇺🇸 USD S&P Global Composite PMI in February preliminary estimate exceed forecast and rose to 50.2 points compared to previous figure 46.8 points in January. Source
📆 🇺🇸 USD S&P Global Services PMI in February preliminary estimate exceed forecast and rose to 50.5 points compared to previous figure 46.8 points in January. Source
📆 🇨🇦 CAD Consumer Price Index (YoY) in January below forecast and dropped to 5.9% compared to previous figure 6.3% in December. Source
📆 ☢️ 🇨🇦 CAD Retail Sales (MoM) in December exceed forecast and rose to 0.5% compared to previous figure -0.1% in November. Source
📆 🇨🇦 CAD Retail Sales ex Autos (MoM) in December exceed forecast and dropped to -0.6% compared to previous figure -0.5, revised from -0.6% in November. Source

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

USDCAD on Friday rose 0.43% to 1.36060. Price is above 9-Day EMA while Stochastic is rising but in overbought zone. For the week ending 2023-02-24, the pair rose 0.98% or 132.7 pips higher.

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

Our weekly USDCAD technical outlook looks bullish, immediate upside resistance level at 1.37014 (WR1) with break above could target 1.37968 (WR2). On the downside, we are looking at last week low of 1.34380 as an important support. Break below this level could weaken the current bullish momentum. A break above 1.36651 would suggest bullish bias after recent positive movement.

For the month of February, USDCAD is up by 2.26% or 300.9 pips higher.

Weekly key levels to watch out:

You might also be interested in:

Index Suggests Economic Growth Picked Up in January Source: Chicago Fed
Gross Domestic Product, Fourth Quarter and Year 2022 (Second Estimate) Source: Bureau of Economic Analysis
Monthly Survey of Manufacturing: Flash estimate, January 2023 Source: Statistics Canada
Payroll employment, earnings and hours, and job vacancies, December 2022 Source: Statistics Canada
Minutes of the Federal Open Market Committee, January 31–February 1, 2023 Source: Federal Reserve
New Housing Price Index, January 2023 Source: Statistics Canada
Retail trade, December 2022 Source: Statistics Canada
Consumer Price Index, January 2023 Source: Statistics Canada
Annual retail trade, 2021 Source: Statistics Canada

#USDCAD Trending on Twitter