| 
May 24, 2023
Tentatively higher from an earlier low of 1.3481, USD/CAD is up to 1.3585 today, adding 84 pips, or 0.63%, to yesterday's closing price of 1.35.
United States's Crude Oil Inventories new data released of -12.46 million below its previous figure.
This move comes while some more positive signs for US Dollar-Canadian Dollar are out as Crude Oil Inventories in United States fell short of market expectations (-920,000) with a reading of -12.46 million, continuing the decline from the previous figure of 5 million.
At the same time, United States New Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 683,000, while the previous figure was 656,000. United States Services PMI came out at 55.1, while a consensus of analysts was expecting 52.6.
Elsewhere, other currency pairs are also gaining ground as having closed the previous session at 1.9859, GBP/NZD is up 1.98% today to currently trade at around 2.0252. Having closed the previous session at 1.7237, EUR/NZD is up 2.17% today to currently trade at around 1.7611.
Meanwhile, NZD/USD plunges 2.23% to trade around 0.6111.
Positive indicators for US Dollar-Canadian Dollar are expected going forward as as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 250,000, following on from the preceding figure of 242,000. New data is set to be published tomorrow at 12:30 UTC.
Also worthy of note, United States Pending Home Sales is projected to outperform its last figure with 0.5%. It previously stood at -5.2%; data will be released tomorrow at 14:00 UTC.
Furthermore, the market is looking at United States GDP is expected tomorrow at 12:30 UTC.
After setting a supportive marker at 1.1321 around 6 months ago, US Dollar-Canadian Dollar is now trading 19.24% higher.
