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February 24, 2023
While yesterday ended at 1.3544, today, USD/CAD rallied above 1.3581 for the first time in 7 weeks and a half and gained 27 pips — now trading at 1.3572.
United States Core PCE Price Index (MoM) (Jan) is next today at 13:30 UTC.
US Dollar-Canadian Dollar upside coincides with further encouraging market factors as United States GDP published yesterday at 13:30 UTC came out at 2.7, falling short of the 2.9 projections and continuing its decline from the previous 3.2 figure.
On the flip side, highly important Crude Oil Inventories data from United States beat analyst expectations of 2 million with a reading of 7.65 million. United States Initial Jobless Claims came out at 192,000, better than analyst estimates of 200,000 and improving upon the previous reading of 195,000.
A look at other currencies also shows bullish price action as USD/JPY climbs 0.42% to trade around 135.22. GBP/JPY increases 0.49% to trade around 162.62. EUR/JPY gained 0.35% and is now trading at 143.2.
Elsewhere, Canada Wholesale Sales (MoM) will be released today at 13:30 UTC. Canada Manufacturing Sales (MoM) is scheduled for today at 13:30 UTC. United States Core PCE Price Index (MoM) (Jan) is expected today at 13:30 UTC. United States New Home Sales (Jan) scheduled to come out today at 15:00 UTC.
After setting a supportive marker at 1.1321 around 3 months ago, US Dollar-Canadian Dollar is now trading 19.64% above this level.
