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USD/CAD

Jun. 7, 2023

US Dollar-Canadian Dollar bounces 51 pips from 3 months low

Live - Updated 49 minutes ago.

Having ended Monday at 1.34, US Dollar-Canadian Dollar dropped to 1.3318, hitting its lowest point in 3 months. It later recovered 51 pips and trades at 1.337.

United States's Crude Oil Inventories new data released of -451,000 below its previous figure.

On the flip side, positive data for US Dollar-Canadian Dollar released earlier when following a previous reading of 4.49 million, Crude Oil Inventories in United States released today at 14:30 UTC fell short of the 1 million figure expected by analysts with an actual reading of -451,000.

While price action maintains a negative bias, Canada Interest Rate released today at 14:00 UTC with a figure of 4.75, while the previous figure was 4.5. Canada Ivey PMI (May) came out at 53.5, while a consensus of analysts was expecting 57.2.

Despite being in the red so far in the current trading session, USD/CAD peaked above its 3 day Simple Moving Average around 1.3421 — typically an early indicator of a new bullish trend beginning to emerge. US Dollar-Canadian Dollar's lower Bollinger Band® is at 1.3358, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Technical analysis indicates that US Dollar-Canadian Dollar's current downtrend might soon change course and start climbing up in the short term.

Positive performances can be seen by looking at other currencies as GBP/NZD added 0.66% to its value, now trading at 2.0564. Having closed the previous session at 1.7592, EUR/NZD is up 0.6% today to currently trade at around 1.7697. EUR/JPY gained 0.38% and is currently trading at 149.86.

Moreover, projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 232,000; data will be released tomorrow at 12:30 UTC.

Having established significant support at 1.1321 approximately 6 months ago, US Dollar-Canadian Dollar's share price has bounced 18.36% higher.

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Week to date

Market stalemate leaves US Dollar-Canadian Dollar hovering around 1.337 .

A good end to the trading week, USD/CAD is up to 1.337, after closing yesterday at zero. Overall, a 0% move or 13,369 pips this week. (Start trading US Dollar-Canadian Dollar at FXTM today).

At the same time, Canada Interest Rate released today at 14:00 UTC with a figure of 4.75, while the previous figure was 4.5. Canada Ivey PMI (May) came out at 53.5, while a consensus of analysts was expecting 57.2. Fresh Labor Productivity (QoQ) (Q1) data from Canada came out at -0.6. Canada Trade Balance (Apr) came out at 1.94 billion, while a consensus of analysts was expecting 900 million. Canada Building Permits came out at -18.8%, while a consensus of analysts was expecting -5%.

Furthermore, the market is looking at Friday data for Canada Employment Change will be released, with an expected decline to 23,200 from the preceding figure of 41,400.

Furthermore, the market is looking at Canada Unemployment Rate projected to decline to 5.1 while previous data was five; data will be released Friday. United States Core Consumer Prices is expected Tuesday.

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