USD/CAD (week of 14-18/11)

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Weekly Summary

After ending yesterday at 1.3384, US Dollar-Canadian Dollar increases slightly to 1.3384 (up 13,384 pips) .

A good end to the trading week, USD/CAD is up to 1.3384, after closing yesterday at zero. Overall, a 0% move or 13,384 pips this week. (Start trading US Dollar-Canadian Dollar at FXTM today).

At the same time, Canada Core Consumer Prices released Wednesday with a figure of 0.4%, while the previous figure was 0.4%. United States Existing Home Sales (Oct) came out at 4.43 million, while a consensus of analysts was expecting 4.38 million. Canada Foreign Securities Purchases (Sep) released today at 13:30 UTC with a figure of -22.27 billion, while the previous figure was 26.22 billion. Canada RMPI (MoM) (Oct) released today at 13:30 UTC with a figure of 1.3, while the previous figure was -3.1. United States Philadelphia Fed Manufacturing Index (Nov) released yesterday at 13:30 UTC with a figure of -19.4, while the previous figure was -8.7.

Furthermore, the market is looking at Tuesday data for Canada Core Retail Sales will be released, with an expected decline to -0.6% from the preceding figure of 0.7%.

Furthermore, the market is looking at Tuesday data for Canada Retail Sales will be released, with an expected decline to -0.5% from the preceding figure of 0.7%. Canada New Housing Price Index (MoM) (Oct) scheduled to come out Tuesday.

Nov. 18, 2022

US Dollar-Canadian Dollar gains positive traction for a 4th successive day

(23:09) GMT

US Dollar-Canadian Dollar posts light gains on a low-volatility day, ranging between 1.3297 – 1.3409 and is now at 1.3384.

Meanwhile, United States Existing Home Sales (Oct) released today at 15:00 UTC with a figure of 4.43 million, while the previous figure was 4.71 million. Canada Foreign Securities Purchases (Sep) came out at -22.27 billion, while a consensus of analysts was expecting 6.44 billion. Canada RMPI (MoM) (Oct) released today at 13:30 UTC with a figure of 1.3, while the previous figure was -3.1.

Concerning technical analysis and more specifically, trend indicators, USD/CAD made an initial breakout above its 21 day Simple Moving Average at 1.3406, a potential indicator of a newly emerging bullish phase. As the trading day comes to an end, chart analysis indicates US Dollar-Canadian Dollar is 85 pips away from testing key resistance at 1.3469. Peaking above this level could inspire market bulls and open the path to further gains.

Notwithstanding US Dollar-Canadian Dollar's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Elsewhere, other currency pairs are also gaining ground as GBP/CAD gained 0.63% and is now trading at 1.5911.

While US Dollar-Canadian Dollar is up today, these currencies are lagging behind: EUR/NZD falls 0.77% to trade around 1.6777. EUR/GBP closed at 0.8685 (down 0.55%).

As things stand, US Dollar-Canadian Dollar is 17.69% away from a significant low of 1.1321 first set 7 days ago.

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