USD/CAD (week of 16-20/05)

Advertiser Disclaimer
Top8forexbrokers would like to remind you that the data contained in this website is not necessarily real-time nor accurate.Prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Top8forexbrokers does not bear any responsibility for any trading losses you might incur as a result of using this data.
Top8forexbrokers or anyone involved with Top8forexbrokers will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Weekly Summary

US Dollar/Canadian Dollar is stationary, trading around 1.2839 .

A good end to the trading week, USD/CAD is up to 1.2839, after closing yesterday at zero. Overall, a 0% move or 12,839 pips this week. (Start trading US Dollar/Canadian Dollar at FXTM today).

Uptick comes while some more positive signs for US Dollar/Canadian Dollar are out as data for Canada Core CPI (MoM) (Apr) released Wednesday is better than expected with 0.7, but worse than previous figure of one. Following a previous reading of 5.75 million, Existing Home Sales (Apr) in United States released yesterday at 2:00 PM fell short of the 5.65 million figure expected by analysts with an actual reading of 5.61 million. Following a previous reading of 17.6, Philadelphia Fed Manufacturing Index (May) in United States released yesterday at 12:30 PM fell short of the 16 figure expected by analysts with an actual reading of 2.6.

Meanwhile, Canada New Housing Price Index (MoM) (Apr) published yesterday at 12:30 PM came out at 0.3, falling short of the 0.6 projections and continuing its decline from the previous 1.2 figure. Data for Canada RMPI (MoM) (Apr) was released yesterday at 12:30 PM suggests a downwards trend with -2, while previous data was 11.8.

Outlook for rest of the week: The market is looking forward to the release of new data: Canada Core Retail Sales (MoM) (Mar) is scheduled for Thursday. Canada Retail Sales (MoM) (Mar) is expected Thursday. United States's new Core Durable Goods Orders (MoM) (Apr) data will be available Wednesday. Data is expected to decline to 0.6 from its previous value of 1.2.

May. 20, 2022

US Dollar/Canadian Dollar climbs to 1.2839 (a 0.11% gain)

(23:09) GMT

US Dollar/Canadian Dollar posts light gains on a low-volatility day, ranging between 1.2776 – 1.2868 and is now at 1.2839.

US Dollar/Canadian Dollar upside coincides with further encouraging market factors as Existing Home Sales (Apr) in United States fell short of the 5.65 million projection with 5.61 million and continued its downward trajectory from previous figure of 5.75 million.

Meanwhile, following a previous reading of 1.2, New Housing Price Index (MoM) (Apr) in Canada released yesterday at 12:30 PM fell short of the 0.6 figure expected by analysts with an actual reading of 0.3. Canada RMPI (MoM) (Apr) is released with a new figure of -2, this is down from preceding data of 11.8.

Japanese Candlestick formations show the "bullish engulfing”, when it appears on top of a bearish overall trend, as it is now, some traders would consider this as an indication of a trend reversal. Trend indicators show us that at 1.286, US Dollar/Canadian Dollar made an initial breakout above 21 day Simple Moving Average, an indication of a positive trend. As the trading day approaches the close, chart analysis suggests the nearest resistance level is at 1.3041.

Examining the technical analysis landscape, US Dollar/Canadian Dollar might continue its downtrend in the short term.

While US Dollar/Canadian Dollar is up today, these currencies are lagging behind: EUR/NZD is down to 1.6475, losing 106 pips, after closing at 1.6581 yesterday. After ending yesterday's session at 0.8488, EUR/GBP lost 36 pips and is trading around 0.8452.

Other currencies are showing mixed performance as Pound/Yen sailed past the 159.79 resistance, next resistance level is at 163.69.

8 days ago US Dollar/Canadian Dollar reached its annual high of 1.3041, but has consequently lost 1.65% since then.

follow us: