USD/CAD (week of 29-02/06)

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Weekly Summary

After ending yesterday at 1.3421, US Dollar-Canadian Dollar inches up to 1.3421 (down 13,421 pips) .

A good end to the trading week, USD/CAD is up to 1.3421, after closing yesterday at zero. Overall, a 0% move or 13,421 pips this week. (Trade US Dollar-Canadian Dollar with FXTM now).

This move comes while some more positive signs for US Dollar-Canadian Dollar are out as highly important Average Hourly Earnings data from United States beat analyst expectations of 0.4% with a reading of 0.3%. Highly important Unemployment Rate data from United States beat analyst expectations of 3.5 with a reading of 3.7.

On the flip side, GDP in Canada fell short of market expectations (0.2%) with a reading of 0%, continuing the decline from the previous figure of 0.1%. Highly important Non Farm Payrolls data from United States beat analyst expectations of 180,000 with a reading of 339,000. Highly important Crude Oil Inventories data from United States beat analyst expectations of -1.10 million with a reading of 4.49 million.

Also worthy of note, Canada Employment Change projected to decline to 20,000 while previous data was 41,400; data will be released Friday.

Elsewhere, Canada Interest Rate is expected Wednesday. Canada Building Permits figure is projected at -2.9%. It previously stood at 11.3%; data will be released Tuesday.

Jun. 2, 2023

US Dollar-Canadian Dollar set for weak finish today; down 0.18% to 1.3421 with 49 minutes before close

(23:09) GMT

US Dollar-Canadian Dollar weakened earlier in the day, before moving away from its 1.3403 low and recovering back to 1.3421.

United States Non Farm Payrolls beat analyst expectations of 180,000 and the previous reading of 294,000 with new data of 339,000.

On the flip side, positive data for US Dollar-Canadian Dollar released earlier when United States Average Hourly Earnings published today at 12:30 UTC came out at 0.3%, falling short of the 0.4% projections and continuing its decline from the previous 0.4% figure. Highly important Unemployment Rate data from United States beat analyst expectations of 3.5 with a reading of 3.7.

Technical analysis trend indicators suggest that the MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. US Dollar-Canadian Dollar is currently flirting with an active Fibonacci support level around 1.3428. Analysis based on the asset volatility indicates that US Dollar-Canadian Dollar's lower Bollinger Band® is at 1.3342, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. As the trading day comes to an end, chart analysis indicates US Dollar-Canadian Dollar is oscillating around the 1.3439 level serving as support.

With market volatility ebbing, the current technical outlook indicates US Dollar-Canadian Dollar will remain range-bound for the immediate future.

In the meantime, negative performances are seen in other pairs, EUR/AUD drops 1% to trade around 1.6204. GBP/CAD is trading around 1.6709 (down 131 pips).

Though US Dollar-Canadian Dollar has been dropping, other pairs have been performing better: USD/JPY gained 0.84% and is currently trading at 139.97.

US Dollar-Canadian Dollar is now trading 18.76% away from its significant low of 1.1321 first tested 6 months ago.

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