USD/CAD Weekly Analysis (week of 09-13/11)

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Weekly Summary

The uptick comes while some more positive signs for the Canadian Dollar are out as United States Crude Oil Inventories came out at 4.278, above the estimate of -0.913. This is also a step forward from the previous data of -7.998.

A look at other markets shows behavior that usually indicates a green move for the Canadian Dollar, as crude oil went down to 40.13 (98 cents).

At the same time, USD/MXN dropped -0.95% (195 pips) to 20.392. USD/ZAR dropped -0.88% (137 pips) to 15.4949. USD/SGD lost 17 pips from the start of the session, trading at 1.3473 levels. The New-Zealand Dollar is trading around 0.6849 (up 15 pips).

Nov. 13, 2020

A slow down? after three days of going up, Canadian Dollar is flat today, hovering around 1.3134

(22:09) GMT

USD/CAD trading at 1.3134 with no clear-cut direction, ranging between 1.3173 and 1.3112.

This in-between state of the Canadian Dollar is reflected by market data published as Data for United States Crude Oil Inventories released on Thursday at 4:00 PM comes out at 4.278, beating projections of -0.913 and showing improvement over the preceding figure of -7.998. Data for the United States Producer Price Index released today at 1:30 PM is better than expected at 0.3, but worse than the previous figure of 0.4. United States Initial Jobless Claims beat expectations of 735 with new data release of 709. This is also a step forward from the previous data of 757.

Meanwhile, mixed performances were seen elsewhere as USD/MXN lost 195 pips from the start of the session, trading at 20.392 levels. Oil dropped to 40.13 (98 cents).

At 1.3162, Canadian Dollar made an initial breakout above the 21 day Simple Moving Average. The Canadian dollar is receding away from the 1.3319 resistance line, 181 pips below it now.

Nov. 12, 2020

After starting the day at 1.3059, Canadian Dollar rises to 1.3135 (up 76 pips)

(22:09) GMT

This move comes while some more positive signs for the Canadian Dollar are out as data for United States Crude Oil Inventories released today at 4:00 PM came out at 4.278, beating projections of -0.913 and showing improvement over the preceding figure of -7.998. United States Initial Jobless Claims beat expectations of 735 with new data release of 709. This is also a step forward from the previous data of 757.

Meanwhile, United States Core Consumer Prices published today at 1:30 PM came out at 1.6, falling short of the 1.8 projections and continuing its decline from the previous 1.7 figure.

A look at other markets shows behavior that usually indicates a green move for the Canadian Dollar, as USD/MXN gained 0.75% (153 pips), reaching 20.611 levels. Crude drops to 40.91 (54 cents).

The nearest resistance level is at 1.3319.

The market is looking forward to Tomorrow at 1:30 PM, data for the United States Producer Price Index will be released, with an expected decline to 0.2 from the preceding figure of 0.4. The United States's new Core PPI (MoM) (Oct) data will be available tomorrow at 1:30 PM. Data is expected to decline to 0.2 from its previous value of 0.4. The United States's new Michigan Consumer Expectations (Nov) data will be available tomorrow at 3:00 PM. Data is expected to decline to 78.6 from its previous value of 79.2.

Nov. 11, 2020

Canadian Dollar hits 1.3004, its lowest rate in 10 months

(22:09) GMT

After starting the day at 1.3029 USD/CAD dropped to 1.3004, hitting its lowest point in 10 months, it later recovered 54 pips and is now trading at 1.3058

The Canadian Dollar green move comes while some more encouraging signs are out as United States JOLTs Job Openings (Sep) released earlier shows an improvement to 6.436 from the preceding data of 6.352, but falls short of the projected 6.5.

Meanwhile, United States API Weekly Crude Oil Stock released earlier shows an improvement to -5.147 from the preceding data of -8.01, but falls short of the projected -0.9. The United States 10-Year Note Auction was released on Tuesday at 6:01 PM with a figure of 0.96, This is better than the previous number of 0.765.

The Canadian Dollar's nearest resistance level is at 1.3109, followed by 1.3319 at the next level.

A look at other markets shows behavior that usually indicates a green move for the Canadian Dollar, as USD/MXN is trading around 20.4617 after starting the session at 20.2829 (up 0.88%).

At the same time, New-Zealand Dollar is trading around 0.6884 (up 51 pips). Crude oil is trading around 41.44 (up 7 cents).

In the meantime, Singapore Dollar is trading with no major change, around 1.3489.

The market is looking forward to Canada's New Housing Price Index (MoM) expected tomorrow at 1:30 PM. Canada BoC Gov Council Member Wilkins speech is set for tomorrow at 6:30 PM. United States Crude Oil Inventories are projected to outperform the last figure at -0.913, while it previously stood at -7.998, figure will be published tomorrow at 4:00 PM. United States Initial Jobless Claims projected to outperform last figure with 735, while it previously stood at 751, data will be released tomorrow at 1:30 PM.

Nov. 10, 2020

At 1.2982 Canadian Dollar down to its lowest value in 10 months

(22:09) GMT

After starting the day at 1.3004 USD/CAD dropped to 1.2982, hitting its lowest point in 10 months, it later recovered 44 pips and is now trading at 1.3027

The uptick comes while some more positive signs for the Canadian Dollar are out as United States JOLTs Job Openings (Sep) released earlier shows an improvement to 6.436 from the preceding data of 6.352, but falls short of the projected 6.5.

Meanwhile, United States API Weekly Crude Oil Stock released earlier shows an improvement to -5.147 from the preceding data of -8.01, but falls short of the projected -0.9. The United States 10-Year Note Auction was released today at 6:01 PM with a figure of 0.96, This is better than the previous number of 0.765.

The Canadian Dollar's nearest resistance level is at 1.3109, followed by 1.3319 at the next level.

A look at other markets shows behavior that usually indicates a green move for the Canadian Dollar, as USD/ZAR is trading around 15.6332 after starting the session at 15.3887 (up 1.59%).

At the same time, crude is trading around 41.79 (up 1.5 dollars). USD/MXN dropped -0.22% (45 pips) to 20.2716.

In the meantime, USD/SGD trading with no major change, around 1.3476.

The market is looking forward to the United States OPEC Monthly Report which is scheduled for tomorrow at 11:00 AM. The United States Seevol Cushing Storage Report will be released tomorrow at 2:30 PM.

Nov. 9, 2020

At 1.2924 Canadian Dollar down to its lowest value in 2 years

(22:09) GMT

Having started at 1.3059 USD/CAD dropped to 1.2924, hitting its lowest point in 2 years, later it recovered 79 pips and is now trading at 1.3003

The Canadian Dollar's nearest resistance level is at 1.3109.

Taking a wider perspective, performance of these other symbols usually suggests a setback for the Canadian Dollar as crude oil is trading around 39.83 after starting the session at 37.14 (down 7.24%). USD/MXN lost 246 pips from the start of the session, trading at 20.3217 levels. USD/ZAR lost 219 pips from the start of the session, trading at 15.3641 levels. The Kiwi is trading around 0.6821 (up 46 pips).

The market will keep its eye on the following upcoming macroeconomics indicators: United States JOLTs Job Openings (Sep) expected to decline to 5.59 when its preceding data was 6.493, data will be available tomorrow at 3:00 PM. The United States EIA Short-Term Energy Outlook is excepted tomorrow at 12:00 PM. The United States WASDE Report is scheduled for tomorrow at 5:00 PM. The United States 10-Year Note Auction is excepted tomorrow at 6:01 PM.