USD/CAD Weekly Analysis (week of 13-17/07)

Canada Wholesale Sales (MoM) (May) is projected to outperform last figure with 8.5% while it previously stood at -21.6%, data will be released today at 12:30 PM.

Jul. 17, 2020

Canadian Dollar hovers around 1.3576

(22:00) GMT

With no clear-cut direction USD/CAD trading at 1.3576 after ranging today between 1.3588 and 1.3562.

This limbo state for Canadian Dollar is reflected by market data published as Canada Wholesale Sales (MoM) (May) released earlier shows an improvement to 5.7% from the preceding data of -21.4%, but falls short of the projected 8.5%. Down from preceding data of 49.03B, Canada Foreign Securities Purchases is released with a new figure of 22.41B. United States Building Permits released earlier shows an improvement to 1.241M from the preceding data of 1.216M, but falls short of the projected 1.290M.

Meanwhile, mixed performance are seen elsewhere as FTSE is trading around 6290.3 (up 39.6 points). Aussie is trading around 0.7 after starting the session at 0.6979 (down 0.3%).

Jul. 16, 2020

After starting the day at 1.3508, Canadian Dollar rises to 1.3572 (up 63 pips)

(22:00) GMT

USD/CAD rallied 63 pips (0.47%) deep into the session trading at 1.3572.

Despite this, other data released earlier might suggest a different path as Down from preceding data of 49.03B, Canada Foreign Securities Purchases is released with a new figure of 22.41B. Data for United States Retail Sales was released today at 12:30 PM is better than expected with 7.5%, but worse than previous figure of 18.2%. Data for United States Money Supply was released today at 12:30 PM is better than expected with 1,300K, but worse than previous figure of 1,310K.

A look at other markets shows behavior that usually indicate a green move for Canadian Dollar as FTSE went down to 6250.69 (42.0, points).

At the same time looking at other markets some moves suggest a different direction Aussie/Dollar is trading around 0.6968 (up 23 pips).

Jul. 15, 2020

Canadian Dollar made its largest single-day drop (-101, pips) since Jun, 02

(22:00) GMT

USD/CAD remains in the 1.3508 range after starting the session at 1.361 and dropping 101 pips.

On the flip side, positive data for Canadian Dollar released earlier when New data for Canada Manufacturing Sales (MoM) (May) was released today at 12:30 PM comes out at 10.7%, beating projections of 9.5% and showing improvement over the preceding figure of -27.9%. New data for United States Money Supply was released today at 12:30 PM comes out at 1.4%, beating projections of 0.8% and showing improvement over the preceding figure of 0.4%.

Meanwhile, Canada Interest Rate released today at 2:00 PM with a figure of 0.25%, while the previous figure was 0.25%.

Taking a wider perspective, performance of these other symbols usually suggest a setback for Canadian Dollar as Aussie is trading around 0.7009 after starting the session at 0.6954 (down 0.79%). FTSE is trading around 6292.65 (up 112.9 points).


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Jul. 14, 2020

Canadian Dollar is trading around 1.361

(22:00) GMT

A mostly flat day so far for USD/CAD, ranging between 1.3614 and 1.3602 and is now at 1.361.

This in-between state for Canadian Dollar is reflected by market data published as New data for United States Crude Oil Inventories was released today at 8:30 PM comes out at -8.322M, beating projections of -2.100M and showing improvement over the preceding figure of 2.000M. United States Budget Balance fall short of the -863.0B projections, with -864.0B and continued its downward trajectory from previous figure of -399.0B. United States Redbook released today at 12:55 PM with a figure of -5.5%, this is better from previous number of -6.9%.

Meanwhile, mixed performance are seen elsewhere as FTSE is trading around 6179.75 (up 3.6 points). Australian dollar is trading around 0.6976 (up 21 pips).

Jul. 13, 2020

After starting the day at 1.3587, Canadian Dollar crawls to 1.3605 (up 18 pips)

(22:00) GMT

After starting the session at 1.3587 USD/CAD spiked to 1.3606, dropped back to starting point range, and rallied again to 1.3605.

Despite this, other data released earlier might suggest a different path as United States Budget Balance fall short of the -863.0B projections, with -864.0B and continued its downward trajectory from previous figure of -399.0B. Data for United States 3-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.145%, while previous data was 0.150%. Data for United States 6-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.145%, while previous data was 0.165%.

A look at other markets shows behavior that usually indicate a green move for Canadian Dollar as Oil drops to 39.6 (50, cents).

At the same time looking at other markets some moves suggest a different direction FTSE is trading around 6176.19 after starting the session at 6095.41 (down 1.33%).

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