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April 13, 2023
Currently trading at 1.3444, USD/CAD remains range-bound between 1.3424 and 1.3489.
Nevertheless, United States Crude Oil Inventories came out at 597,000, better than analyst estimates of -583,000 and improving upon the previous reading of -3.74 million.
At the same time, Canada Interest Rate released yesterday at 14:00 UTC with a figure of 4.5, while the previous figure was 4.5. United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%.
Other currencies are also rising as GBP/NZD rises 0.28% to trade around 2.0122. Having closed the previous session at 1.7683, EUR/NZD is up 0.19% today to currently trade at around 1.7716. Having closed the previous session at 1.6417, EUR/AUD is up 0.15% today to currently trade at around 1.6442.
Furthermore, the market is looking at United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released today at 12:30 UTC.
Also worthy of note, Canada Manufacturing Sales (MoM) (Feb) scheduled to come out tomorrow at 12:30 UTC. Canada BoC Gov Macklem speech is scheduled for today at 13:00 UTC.
The currency pair has been trending lower for about a month. US Dollar-Canadian Dollar is now trading 18.72% away from its significant low of 1.1321 first tested 5 months ago.
