USD/CAD (week of 06-10/03)

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USD/CAD

Weekly Summary

Market stalemate leaves US Dollar-Canadian Dollar hovering around 1.3823 .

A good end to the trading week, USD/CAD is up to 1.3823, after closing yesterday at zero. Overall, a 0% move or 13,823 pips this week. (Trade US Dollar-Canadian Dollar with FXTM now).

Uptick comes while some more positive signs for US Dollar-Canadian Dollar are out as highly important Employment Change data from Canada beat analyst expectations of 10,000 with a reading of 21,800. Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.

Nevertheless, data for United States Non Farm Payrolls released today at 13:30 UTC is better than expected with 311,000, but worse than previous figure of 504,000.

At the same time, Canada Interest Rate released Wednesday with a figure of 4.5, while the previous figure was 4.5. Canada Ivey PMI (Feb) came out at 51.6, while a consensus of analysts was expecting 55.9.

The market is looking forward to the release of new data: Canada Wholesale Sales (MoM) (Jan) scheduled to come out Thursday. Canada Housing Starts (Feb) will be released Wednesday. Canada Foreign Securities Purchases (Jan) is scheduled for Friday.

Mar. 10, 2023

A slow down? After four days of going up, US Dollar-Canadian Dollar is flat today, hovering around 1.3823.

(23:09) GMT

US Dollar-Canadian Dollar recovering almost all the way back to 1.3827 today, after dipping down to 1.3758.

Highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.

Nonetheless, encouraging indicators for US Dollar-Canadian Dollar published earlier when highly important Employment Change data from Canada beat analyst expectations of 10,000 with a reading of 21,800. Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.

USD/CAD made an initial break below its 3 day Simple Moving Average at 1.379, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 1.3823 currently serving as support. If price action breaks below, the next Fib hurdle is 1.3637. US Dollar-Canadian Dollar's upper Bollinger Band® is at 1.3858 which indicates a further downward move may follow. On the other hand, note that US Dollar-Canadian Dollar reversed direction at 1.3813 support zone and climbed 10 pips above it.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for US Dollar-Canadian Dollar.

In the meantime, negative performances are seen in other pairs, USD/CHF is down 111 pips from the beginning of the session and now trades around 0.9213.

Positive performances can be seen by looking at other currencies as GBP/USD gained 0.92% and is now trading at 1.2033. GBP/CAD surges 0.89% to trade around 1.6633.

The currency pair has been trending positively for about a month. After setting a supportive marker at 1.1321 around 3 months ago, US Dollar-Canadian Dollar is now trading 22.13% higher.

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