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April 21, 2023
Tentatively higher from an earlier low of 1.3444, USD/CAD is up to 1.3496 today, adding 22 pips, or 0.17%, to yesterday's closing price of 1.3474.
Uptick comes while some more positive signs for US Dollar-Canadian Dollar are out as following a previous reading of 240,000, Initial Jobless Claims in United States released yesterday at 12:30 UTC fell short of the 240,000 figure expected by analysts with an actual reading of 245,000.
At the same time, United States Existing Home Sales (Mar) came out at 4.44 million, while a consensus of analysts was expecting 4.5 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
A look at other currencies also shows bullish price action as GBP/NZD is up 0.42%. EUR/NZD moves up 0.34% to trade around 1.7812.
At the same time, after ending yesterday's session at 147.26, EUR/JPY lost 38 pips and is trading around 146.88.
Furthermore, the market is looking at as things stand, upcoming Canada Core Retail Sales data is projected to fall short of market expectations with newly published data of -0.1%, following on from the preceding figure of 0.9%. New data is set to be published today at 12:30 UTC.
Also worthy of note, Canada Retail Sales projected to come out at -0.6% — worse than previous data of 1.4%; data will be released today at 12:30 UTC.
The currency pair has been trending lower for about a month. As things stand, US Dollar-Canadian Dollar is 19% away from a significant low of 1.1321 first set 5 months ago.
