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Sep. 27, 2023

Mixed sentiment sees US Dollar-Canadian Dollar currency pair ending the session broadly flat; establishes tight 1.3497 to 1.3525 range

Live - Updated 28 minutes ago.

US Dollar-Canadian Dollar posts light gains on a low-volatility day, ranging between 1.3497 – 1.3525 and is now at 1.3519.

As the trading day commences, technical analysis suggests USD/CAD is 14 pips away from testing key resistance at 1.3533. Peaking above this level could inspire market bulls and open the path to further gains.

Other currencies are also rising as USD/SGD ascends 0.15% to trade around 1.3707. Having closed the previous session at 2.0436, GBP/NZD is up 0.21% today to currently trade at around 2.0478. USD/CHF goes up 0.15% to trade around 0.9169.

Positive indicators for US Dollar-Canadian Dollar are expected going forward as projections for United States Core Durable Goods Orders are set for a continuation of decline with 0.1% while previous data was 0.4%; data will be released today at 12:30 UTC. United States Pending Home Sales projected to decline to 0.3% while previous data was 0.9%; data will be released tomorrow at 14:00 UTC.

Also worthy of note, United States GDP is projected to outperform its last figure with 2.2. It previously stood at two; data will be released tomorrow at 12:30 UTC.

The past 3 months have been positive for US Dollar-Canadian Dollar as it added 224.97% compared to its 3-month low of 1.1321.

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Week to date

Stalemate for US Dollar-Canadian Dollar bulls and bears .

As the trading week gets on its way, USD/CAD is up to 1.3519, after closing yesterday at zero. Overall, a 0% move or 13,519 pips this week. (Start trading US Dollar-Canadian Dollar at FXTM today).

At the same time, United States Services PMI came out at 50.2, while a consensus of analysts was expecting 50.6. Data for Canada Core Retail Sales published Friday came out at 1%, beating projections of 0.5% and showing improvement over the preceding figure of -0.7%. Canada Retail Sales released earlier showed a marked improvement to 0.3% from the preceding data of 0.1%, but fell short of the 0.4% figure forecast by a consensus of market analysts. United States Existing Home Sales (Aug) released Thursday with a figure of 4 million, while the previous figure was 4 million. Canada New Housing Price Index (MoM) (Aug) came out at 0.1, while a consensus of analysts was expecting zero.

Outlook for rest of the week: Positive indicators for US Dollar-Canadian Dollar are expected going forward as today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0.1% from the preceding figure of 0.4%.

Furthermore, the market is looking at Canada GDP is projected to outperform its last figure with 0%. It previously stood at -0.2%; data will be released Friday. Canada GDP is expected Friday.