USD/CAD Weekly Analysis (week of 20-24/07)

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Jul. 24, 2020

At 1.3374 Canadian Dollar down to its lowest value in 4 months

(20:00) GMT

Hesitant but green: from an earlier low of 1.3374, USD/CAD up to 1.3419 gaining 11 pips compared to the 1.3408 start of the day (0.08%).

This limbo state for Canadian Dollar is reflected by market data published as New data for United States Money Supply was released Thursday 12:30 PM comes out at 1,416K, beating projections of 1,300K and showing improvement over the preceding figure of 1,307K. Data for United States Natural Gas Storage was released Thursday 2:30 PM is better than expected with 37B, but worse than previous figure of 45B. United States Continuing Jobless Claims fall short of the 17,067K projections, with 16,197K and continued its downward trajectory from previous figure of 17,304K.

Meanwhile, mixed performance are seen elsewhere as Australian dollar is trading around 0.7097 after starting the session at 0.7018 (down 1.13%). FTSE went down to 6123.82 (87.6, points).

Jul. 23, 2020

At 1.3401 Canadian Dollar down to its lowest value in 6 weeks

(22:00) GMT

USD/CAD slides down from 1.3414 to 1.3406, taking a 7 pips loss (-0.06%).

This in-between state for Canadian Dollar is reflected by market data published as United States Home Sales released earlier shows an improvement to 4.72M from the preceding data of 3.91M, but falls short of the projected 4.78M. New data for United States Money Supply was released today at 12:30 PM comes out at 1,416K, beating projections of 1,300K and showing improvement over the preceding figure of 1,307K. Down from preceding data of 1.748M, United States Seevol Cushing Storage Report is released with a new figure of 0.769M.

Meanwhile, mixed performance are seen elsewhere as Australian dollar is trading around 0.7095 after starting the session at 0.7018 (down 1.1%). FTSE is trading around 6211.44 (up 4.3 points).

Jul. 22, 2020

At 1.3409 Canadian Dollar down to its lowest value in 6 weeks

(22:00) GMT

USD/CAD remains in the 1.3414 range after starting the session at 1.3453 and dropping 39 pips.

Nonetheless, encouraging indicators for Canadian Dollar published earlier when Canada Retail Sales released earlier shows an improvement to 18.7% from the preceding data of -25.0%, but falls short of the projected 20.0%. New data for Canada Consumer Price Index was released today at 12:30 PM comes out at 0.7%, beating projections of 0.3% and showing improvement over the preceding figure of -0.4%.

Meanwhile, Canada New Housing Price Index (MoM) (Jun) comes out at 0.1%, while the projection was 0.1%.

Taking a wider perspective, performance of these other symbols usually suggest a setback for Canadian Dollar as Aussie/Dollar is trading around 0.7137 after starting the session at 0.6992 (down 2.07%).

Positive performance can be seen looking at other symbols as FTSE went down to 6207.1 (62.6, points).

Jul. 21, 2020

At 1.3452 Canadian Dollar down to its lowest value in 6 weeks

(22:00) GMT

USD/CAD remains in the 1.3456 range after starting the session at 1.3534 and dropping 78 pips.

This downslide might be related to financial indicators data published earlier as Data for United States Redbook was released today at 12:55 PM suggests a downwards trend with -7.5%, while previous data was -5.5%.

Nonetheless, encouraging indicators for Canadian Dollar published earlier when Canada Retail Sales released earlier shows an improvement to 18.7% from the preceding data of -25.0%, but falls short of the projected 20.0%.

Meanwhile, Canada New Housing Price Index (MoM) (Jun) comes out at 0.1%, while the projection was 0.1%.

Taking a wider perspective, performance of these other symbols usually suggest a setback for Canadian Dollar as Aussie is trading around 0.7133 after starting the session at 0.6992 (down 2.02%). FTSE is trading around 6269.73 after starting the session at 6261.52 (down 0.13%).

Jul. 20, 2020

Canadian Dollar is trading around 1.3536 after starting the day at 1.3584 (down -0.35%)

(22:00) GMT

USD/CAD remains in the 1.3536 range after starting the session at 1.3584 and dropping 48 pips.

This downslide might be related to financial indicators data published earlier as Data for United States 3-Month Bill Auction was released today at 3:30 PM suggests a downwards trend with 0.120%, while previous data was 0.145%. Down from preceding data of 0.145%, United States 6-Month Bill Auction is released with a new figure of 0.130%.

Taking a wider perspective, performance of these other symbols usually suggest a setback for Canadian Dollar as Cac 40 is trading around 5093.18 (up 23.8 points).

Positive performance can be seen looking at other symbols as FTSE drops to 6261.52 (28.8, points).

Some optimism can drawn from the fact that Canada Retail Sales is projected to outperform last figure with 20.0%, while it previously stood at -26.4%, data will be released tomorrow at 12:30 PM.