USD/CAD Live News

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USD/CAD

May. 27, 2022

US Dollar/Canadian Dollar is down by 0.19%, trading at 1.2748

Live - Updated 58 minutes ago.

US Dollar/Canadian Dollar drops from 1.2773 to 1.2748, losing 24 pips (0.19%) today.

On the flip side, data for Canada Core Retail Sales (MoM) (Mar) released yesterday at 12:30 PM comes out at 2.4, beating projections of two and showing improvement over the preceding figure of 1.8. Following a previous reading of -1.6, Pending Home Sales (MoM) (Apr) in United States released yesterday at 2:00 PM fell short of the -2 figure expected by analysts with an actual reading of -3.9.

Meanwhile, Canada Retail Sales (MoM) (Mar) published yesterday at 12:30 PM came out at zero, falling short of the 1.4 projections and continuing its decline from the previous 0.2 figure.

In terms of trend indicators, we can see that the MACD line is significantly below the MACD signal line, meaning this medium-term trend might turn positive. Asset volatility analysis shows that Bollinger bands shows an indication of recovery: the lower band is at 1.2673, a low enough level to, generally, suggest that US Dollar/Canadian Dollar is trading below its value. Technical chart analysis shows US Dollar/Canadian Dollar might start to recover soon because it is getting close to its support line— now only 24 pips away at 1.2724. Dipping below could be an indication that further losses are ahead.

Technical analysis shows that US Dollar/Canadian Dollar (currently on a downtrend) might reverse course and start going up in the short term.

In the meantime, negative performances are also seen in other pairs as EUR/AUD is down to 1.499, losing 125 pips, after closing at 1.5115 yesterday.

Around the markets, mixed performances are seen by currencies as after six days of going up, the Kiwi is flat at 0.6518. EUR/CAD broke through the 1.3739 resistance.

US Dollar/Canadian Dollar is now trading 2.05% below the yearly high (1.3041) it held 15 days ago.

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Week to date

After ending yesterday at 1.2748, US Dollar/Canadian Dollar shifts up to 1.2748 (down 12,748 pips) .

Trading week at a glance - USD/CAD is up to 1.2748, after closing yesterday at zero. Overall, a 0% move or 12,748 pips this week. (Start trading US Dollar/Canadian Dollar at FXTM today).

This move comes while some more positive signs for US Dollar/Canadian Dollar are out as Canada Core Retail Sales (MoM) (Mar) beats expectations of two with new data release of 2.4. This is also a step forward from the previous data of 1.8. United States Pending Home Sales (MoM) (Apr) published yesterday at 2:00 PM came out at -3.9, falling short of the -2 projections and continuing its decline from the previous -1.6 figure. GDP (QoQ) (Q1) in United States fell short of the -1.3 projection with -1.5 and continued its downward trajectory from previous figure of -1.4. Initial Jobless Claims in United States fell short of the 215,000 projection with 210,000 and continued its downward trajectory from previous figure of 218,000.

At the same time, following a previous reading of 0.2, Retail Sales (MoM) (Mar) in Canada released yesterday at 12:30 PM fell short of the 1.4 figure expected by analysts with an actual reading of zero.

Outlook for rest of the week: The market is looking forward to the release of new data: Canada BoC Interest Rate Decision is projected to outperform its last figure with 1.5. It previously stood at one, and data will be released Wednesday. Canada GDP (MoM) (Mar) is expected to come out at 0.8 when it's released Tuesday, this is a decline from the preceding data which was 1.1. Canada GDP Annualized (QoQ) (Q1) is scheduled for Tuesday.

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