Nov. 11, 2020
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.