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June 07, 2023
After closing at 1.34 yesterday, USD/CAD began today at 1.3405 with significant bullish sentiment driving USD/CAD's price action higher. So far today, price action has drawn out a distinct 1.3384 to 1.3462 range.
At the same time, Canada Ivey PMI (May) came out at 53.5, while a consensus of analysts was expecting 57.2. Canada Building Permits released yesterday at 12:30 UTC with a figure of -18.8%, while the previous figure was 12.3%. United States API Weekly Crude Oil Stock released yesterday at 20:30 UTC with a figure of -1.71 million, while the previous figure was 5.20 million.
While US Dollar-Canadian Dollar is up today, these currencies are lagging behind: EUR/JPY decreases 0.25% to trade around 148.92. USD/JPY goes down 0.25% to trade around 139.28. GBP/JPY stumbles 0.22% to trade around 173.
Also worthy of note, Canada Interest Rate figure is projected at 4.5. It previously stood at 4.5; data will be released today at 14:00 UTC. Canada Labor Productivity (QoQ) (Q1) will be released today at 12:30 UTC. Canada Trade Balance (Apr) scheduled to come out today at 12:30 UTC.
As things stand, US Dollar-Canadian Dollar is 18.36% away from a significant low of 1.1321 first set 6 months ago.
