USD/CAD (week of 16-20/01)

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Weekly Summary

After ending yesterday at 1.3378, US Dollar-Canadian Dollar drifts up to 1.3378 (down 13,378 pips) .

A good end to the trading week, USD/CAD is up to 1.3378, after closing yesterday at zero. Overall, a 0% move or 13,378 pips this week. (Trade US Dollar-Canadian Dollar with FXTM now).

Nevertheless, Canada Core Retail Sales published today at 13:30 UTC came out at -0.6%, falling short of the -0.4% projections and continuing its decline from the previous 1.6% figure. Highly important Crude Oil Inventories data from United States beat analyst expectations of -593,000 with a reading of 8.41 million.

Meanwhile, Canada Core Consumer Prices came out at -0.3%, while a consensus of analysts was expecting 0.1%. United States Existing Home Sales (Dec) released today at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. Data for Canada Retail Sales released today at 13:30 UTC is better than expected with -0.1%, but worse than previous figure of 1.3%.

Also worthy of note, Canada Interest Rate is expected Wednesday. Canada BoC Monetary Policy Report is expected Wednesday. Canada BOC Press Conference is scheduled for Wednesday.

Jan. 20, 2023

US Dollar-Canadian Dollar set for weak finish today; down 0.62% to 1.3378 with 49 minutes before close

(23:09) GMT

After a mostly steady day, US Dollar-Canadian Dollar loses 82 pips late into the session, trading at 1.3378.

Canada Core Retail Sales published today at 13:30 UTC came out at -0.6%, falling short of the -0.4% projections and continuing its decline from the previous 1.6% figure.

Meanwhile, United States Existing Home Sales (Dec) came out at 4 million, while a consensus of analysts was expecting 3.96 million. Data for Canada Retail Sales released today at 13:30 UTC is better than expected with -0.1%, but worse than previous figure of 1.3%.

Although USD/CAD is down today and was as low as 1.3369, it seems to be recovering slightly and climbing away from the 1.3296 support line and is now 82 pips above it. Despite being in the red so far in the current trading session, US Dollar-Canadian Dollar peaked above its 21 day Simple Moving Average around 1.3477 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at 1.3293, a low enough level to, generally, suggest that US Dollar-Canadian Dollar is trading below its fair value.

Technical analysis shows that US Dollar-Canadian Dollar (currently on a downtrend) might reverse course and start going up in the short term.

In the meantime, negative performances are seen in other pairs, GBP/NZD closed at 1.915 (down 1.1%). EUR/NZD closed at 1.6768 (down 0.96%).

Positive performances can be seen by looking at other currencies as having closed the previous session at 139.07, EUR/JPY is up 1.15% today to currently trade at around 140.67.

Trading mostly sideways for a month. Having established significant support at 1.1321 approximately 2 months ago, US Dollar-Canadian Dollar's share price has bounced 18.9% higher.

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