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April 14, 2023
USD/CAD is grinding lower from 1.3337 to 1.3319, shedding 17 pips (0.13%) today.
United States Retail Sales is next today at 12:30 UTC.
On the flip side, following a previous reading of 0%, Producer Price Index in United States released yesterday at 12:30 UTC fell short of the 0.1% figure expected by analysts with an actual reading of -0.5%. United States Initial Jobless Claims published yesterday at 12:30 UTC came out at 239,000, falling short of the 232,000 projections and continuing its decline from the previous 228,000 figure.
Amid the market gloom, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.62 trillion, while the previous figure was 8.63 trillion.
In the meantime, negative performances are seen in other pairs, GBP/CAD goes down 0.28% to trade around 1.6657.
Though US Dollar-Canadian Dollar has been dropping, other pairs have been performing better: USD/SGD climbs 0.29% to trade around 1.326. Having closed the previous session at 0.8818, EUR/GBP is up 0.27% today to currently trade at around 0.8841.
Some optimism can drawn from the fact that today at 12:30 UTC data for United States Core Retail Sales will be released, with an expected decline to -0.3% from the preceding figure of -0.1%.
Furthermore, Canada Manufacturing Sales (MoM) (Feb) is scheduled for today at 12:30 UTC. United States Retail Sales figure is projected at -0.4%. It previously stood at -0.4%; data will be released today at 12:30 UTC.
The currency pair has been trending lower for about a month. US Dollar-Canadian Dollar is now trading 17.8% away from its significant low of 1.1321 first tested 5 months ago.
