USD/CAD (week of 19-23/09)

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Weekly Summary

US Dollar-Canadian Dollar drifts up to 1.3591 (a 0% gain) after closing the previous session at zero .

A good end to the trading week, USD/CAD is up to 1.3591, after closing yesterday at zero. Overall, a 0% move or 13,590 pips this week. (Trade US Dollar-Canadian Dollar with FXTM now).

On the flip side, Canada Core Retail Sales published today at 12:30 UTC came out at -3.1%, falling short of the -1.2% projections and continuing its decline from the previous 0.6% figure.

Meanwhile, Canada Core Consumer Prices released Tuesday with a figure of 0%, while the previous figure was 0.5%. Following a previous reading of 1%, Retail Sales in Canada released today at 12:30 UTC fell short of the -2% figure expected by analysts with an actual reading of -2.5%. Canada Manufacturing Sales (MoM) came out at -1.8. Fresh New Housing Price Index (MoM) (Aug) data from Canada came out at 0.1.

Furthermore, the market is looking at Thursday data for Canada GDP will be released, with an expected decline to -0.1% from the preceding figure of 0.1%.

Elsewhere, Canada Wholesale Sales (MoM) is scheduled for Monday. United States New Home Sales (Aug) is expected Tuesday.

Sep. 23, 2022

US Dollar-Canadian Dollar retracted 21 pips from 2 years high and trades at 1.3591

(23:09) GMT

US Dollar-Canadian Dollar rallied to 1.3613, hitting its highest point in 2 years. It later lost 21 pips and is now trading at 1.3591.

US Dollar-Canadian Dollar is currently trading at 1.3591 following the release of Fed Chair Powell speech data from the United States.

On the flip side, highly important Core Retail Sales data from Canada beat analyst expectations of -1.2% with a reading of -3.1%.

At the same time, following a previous reading of 1%, Retail Sales in Canada released today at 12:30 UTC fell short of the -2% figure expected by analysts with an actual reading of -2.5%. Canada Manufacturing Sales (MoM) released today at 12:30 UTC with a figure of -1.8, while the previous figure was -0.9.

The MACD is significantly above its signal line, which suggests the market is running out of bullish momentum and could revert to a negative outlook as bears regain control. Bollinger band analysis indicates that current price action is approaching the upper band at 1.3518, thereby suggesting that US Dollar-Canadian Dollar is becoming overvalued. In contrast, US Dollar-Canadian Dollar is currently trading around the 1.3591 Fibonacci resistance level. US Dollar-Canadian Dollar broke through the 1.3488 resistance, climbing 103 pips above it.

Technical analysis suggests there could be an imminent reversal for US Dollar-Canadian Dollar.

Meanwhile, after ending yesterday's session at 1.126, GBP/USD lost 411 pips and is trading around 1.0848. GBP/NZD is trading around 1.8885 (down 378 pips). GBP/CAD is down 443 pips from the beginning of the session and now trades around 1.4744.

The currency pair has been trending positively for about a month. US Dollar-Canadian Dollar now trading 3.79% above its 3-month low of 1.2318.

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