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May 11, 2023
US Dollar-Canadian Dollar trades at 1.3377 after gaining 12 pips (0.1%).
United States Producer Price Index data will be released today at 12:30 UTC, with an expected improvement to 0.3% (previous figure was -0.5%).
Nevertheless, data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 2.95 million, beating projections of -917,000 and showing improvement over the preceding figure of -1.28 million.
At the same time, Canada Building Permits came out at 11.3%, while a consensus of analysts was expecting -2.9%. United States Consumer Price Index released yesterday at 12:30 UTC with a figure of 4.9%, while the previous figure was 5%.
A look at other currencies also shows bullish price action as having closed the previous session at 0.8892, USD/CHF is up 0.14% today to currently trade at around 0.8904.
At the same time, GBP/NZD closed at 1.9797 (down 0.13%).
Other currencies are showing mixed performance as EUR/JPY moves 0.09% to trade around 147.34.
Positive indicators for US Dollar-Canadian Dollar are expected going forward as United States Initial Jobless Claims expected to decline to 245,000 while its preceding data was 242,000, data will be available today at 12:30 UTC.
Furthermore, the market is looking at United States Producer Price Index is projected to outperform its last figure with 0.3%. It previously stood at -0.5%; data will be released today at 12:30 UTC.
After setting a supportive marker at 1.1321 around 5 months ago, US Dollar-Canadian Dollar is now trading 18.04% above this level.
