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June 23, 2023Tentatively higher from an earlier low of 1.3138, USD/CAD is up to 1.3191 today, adding 40 pips, or 0.31%, to yesterday's closing price of 1.3151.
United States Services PMI is next today at 13:45 UTC.
Uptick comes while some more positive signs for US Dollar-Canadian Dollar are out as highly important Crude Oil Inventories data from United States beat analyst expectations of 1.87 million with a reading of -3.83 million. New United States Initial Jobless Claims data fell short of the 260,000 projected by analysts with a reading of 264,000 while failing to improve upon the previous reading from last month (264,000).
At the same time, United States Existing Home Sales (May) released yesterday at 14:00 UTC with a figure of 4.3 million, while the previous figure was 4.29 million.
A look at other currencies also shows bullish price action as USD/SGD rallies 0.45% to trade around 1.3506. USD/CHF gained 0.39% and is currently trading at 0.8981.
While US Dollar-Canadian Dollar is up today, these currencies are lagging behind: AUD/USD is down to 0.67, losing 60 pips, after closing at 0.676 in the preceding trading session.
The market is looking forward to the release of new data: Canada Wholesale Sales (MoM) will be released today at 12:30 UTC. Canada Manufacturing Sales (MoM) is scheduled for today at 12:30 UTC. United States Services PMI is expected today at 13:45 UTC.
Having set a significant low of 1.1321 7 months ago, US Dollar-Canadian Dollar is trading 16.16% higher.
