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Sep. 29, 2022

Bullish currency pair US Dollar-Canadian Dollar runs out of steam at 1.3756; currently at 1.369

Live - Updated 60 minutes ago.

Tentatively higher from an earlier low of 1.3602, US Dollar-Canadian Dollar is up to 1.369 today, adding 82 pips, or 0.61%, to yesterday's closing price of 1.3607.

Uptick comes while some more positive signs for US Dollar-Canadian Dollar are out as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

Nevertheless, data for United States Initial Jobless Claims published today at 12:30 UTC came out at 193,000, beating projections of 215,000 and showing improvement over the preceding figure of 209,000.

At the same time, Canada GDP released today at 12:30 UTC with a figure of 4.3%, while the previous figure was 4.56%.

USD/CAD made an initial breakout above its 3 day Simple Moving Average at 1.3688, a potential indicator of a newly emerging bullish phase. US Dollar-Canadian Dollar formed a session range of 1.3602 to 1.3756 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of 1.3735. On the other hand, note that first developed in 1978, the relative strength index (RSI) is a momentum oscillator that measures both the speed and rate of change in price movements within a market — measured as a 0-100 index. In US Dollar-Canadian Dollar's case, the RSI has fallen below 30, indicating the asset is oversold.

Overall, looking at the technical analysis landscape, it seems US Dollar-Canadian Dollar likely to continue pointing upward in the short term.

A look at other currencies also shows bullish price action as GBP/NZD explodes 1.28% to trade around 1.923. USD/CHF soars 0.78% to trade around 0.9839. GBP/CAD is up 0.79%.

The market is looking forward to the release of new data: United States Core PCE Price Index (MoM) (Aug) is scheduled for tomorrow at 12:30 UTC.

The currency pair has been trending positively for about a month. As things stand, US Dollar-Canadian Dollar is 0.93% away from a significant high of 1.3735, first set 3 days ago.

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Week to date

After ending yesterday at 1.369, US Dollar-Canadian Dollar increases slightly to 1.369 (up 13,689 pips) .

Trading week at a glance - USD/CAD is up to 1.369, after closing yesterday at zero. Overall, a 0% move or 13,689 pips this week. (Trade US Dollar-Canadian Dollar with FXTM now).

This move comes while some more positive signs for US Dollar-Canadian Dollar are out as Canada GDP beats expectations of -0.1% with new data release of 0.1%, marks no change over previous data of 0.1%.

Nevertheless, Canada Core Retail Sales published Friday came out at -3.1%, falling short of the -1.2% projections and continuing its decline from the previous 0.6% figure. United States Initial Jobless Claims beat analyst expectations of 215,000 and the previous reading of 209,000 with new data of 193,000. Highly important GDP data from United States beat analyst expectations of -0.6 with a reading of -0.6.

At the same time, Canada GDP data released today at 12:30 UTC showed continuing decline to 4.3% from a previous figure of 4.56%.

Furthermore, the market is looking at Canada Trade Balance (Aug) will be released Wednesday. Canada Building Permits is expected Wednesday. United States JOLTs Job Openings (Aug) scheduled to come out Tuesday.