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June 28, 2023
Tentatively higher from an earlier low of 1.3112, USD/CAD is up to 1.3243 today, adding 52 pips, or 0.39%, to yesterday's closing price of 1.3191.
United States's Crude Oil Inventories new data released of -9.60 million below its previous figure.
US Dollar-Canadian Dollar upside coincides with further encouraging market factors as following a previous reading of -3.83 million, Crude Oil Inventories in United States released today at 14:30 UTC fell short of the -1.76 million figure expected by analysts with an actual reading of -9.60 million.
Nevertheless, highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7.
At the same time, United States New Home Sales (May) released yesterday at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.
At the same time, GBP/USD dips 0.87% to trade around 1.2638. AUD/USD is down to 0.6621, losing 67 pips, after closing at 0.6688 in the preceding trading session. NZD/USD is down 77 pips from the beginning of the session and now trades around 0.6089.
Positive indicators for US Dollar-Canadian Dollar are expected going forward as tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to 1.4 from the preceding figure of 2.6. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.
Elsewhere, United States Fed Chair Powell speech is scheduled tomorrow at 06:30 UTC.
The currency pair has been trending lower for about a month. As things stand, US Dollar-Canadian Dollar is 16.52% away from a significant low of 1.1321 first set 7 months ago.
