USDCAD on Friday rose 0.02% to 1.36310. Week ending 2024-07-12 moved lower by -0.05%. What happened.

USDCAD Analysis

Performance
Period	Pct	Chg	Momentum
Friday	0.02%	2.8 Pips
Week 2024-07-12	-0.05%	-7 Pips
July	-0.3%	-41.7 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)
Thu 01:30 PM Initial Unemployment Insurance Claims

What happened over the week

🇺🇸 U.S. Michigan Index of Consumer Sentiment in July flash estimate dropped to 66 points compared to previous figure 68.2 points in June Source: University of Michigan
🇺🇸 U.S. Producer Price Index (1-mth) in June rose to 0.2% compared to previous figure -0.2% in May Source: Bureau of Labor Statistics
🇺🇸 U.S. Producer Price Index (12-mth) in June rose to 2.6% compared to previous figure 2.4% (revised from 2.2%) Source: Bureau of Labor Statistics
🇺🇸 U.S. Monthly Budget Statement in June improved to -66$ compared to previous figure -347$ in May Source: Bureau of the Fiscal Service
🇺🇸 U.S. CPI Inflation Rate (1-mth) in June dropped to -0.1% compared to previous figure 0% in May Source: Bureau of Labor Statistics
🇺🇸 In the week ending 06 July, U.S. Initial Unemployment Insurance Claims dropped to 222K compared to previous figure 239K (revised from 238K) Source: Department of Labor
🇺🇸 U.S. CPI Inflation Rate (12-mth) in June dropped to 3% compared to previous figure 3.3% in May Source: Bureau of Labor Statistics

From X (Twitter)

Employment was virtually unchanged in June 2024 (-1,400; -0.0%), and the unemployment rate increased 0.2 percentage points to 6.4%.

For more info: https://t.co/FMhHrZacnx. pic.twitter.com/AeuPF2w0VL

— Statistics Canada (@StatCan_eng) July 5, 2024

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

USDCAD on Friday rose 0.02% to 1.36. Price is below 9-Day EMA while Stochastic is rising. For the week ending 2024-07-12, the pair dropped -0.05% or -7 pips lower.

Looking ahead, USDCAD looks mixed as the pair is likely to consolidate above week low of 1.36.

For the new week, our technical outlook is mixed. To see upside interest, we prefer to look at price breakout of week high of 1.36 or at least consolidates above Weekly Pivot level of 1.36. On the downside, we are looking at week low 1.36 or 1.36 (WS1) as immediate support level. USDCAD need to break on either side to indicate a short-term bias. A close below week low of 1.36 would indicate selling pressure.

For the month of July, USDCAD is down by -0.3% or -41.7 pips lower.

Weekly key levels to watch out:

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