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April 19, 2023
US Dollar-Canadian Dollar trades at 1.3455 after gaining 66 pips (0.49%).
United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.
US Dollar-Canadian Dollar upside coincides with further encouraging market factors as Crude Oil Inventories in United States fell short of market expectations (-1 million) with a reading of -4.58 million, continuing the decline from the previous figure of 597,000.
Meanwhile, Canada Core Consumer Prices came out at 0.6%, while a consensus of analysts was expecting 0.4%. Canada RMPI (MoM) (Mar) released today at 12:30 UTC with a figure of -1.7, while the previous figure was -0.3.
Other currencies are also rising as GBP/CAD is up 0.62%. GBP/JPY ascends 0.59% to trade around 167.58. Having closed the previous session at 134.07, USD/JPY is up 0.47% today to currently trade at around 134.7.
Also worthy of note, Canada BoC Senior Deputy Governor Rogers speech is scheduled tomorrow at 15:30 UTC. Canada BoC Gov Macklem speech set for tomorrow at 15:30 UTC. Canada New Housing Price Index (MoM) is expected tomorrow at 12:30 UTC.
The currency pair has been trending lower for about a month. After setting a supportive marker at 1.1321 around 5 months ago, US Dollar-Canadian Dollar is now trading 18.27% higher.
