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February 22, 2023
Small gain for USD/CAD at 1.3532 after ranging between 1.3438 and 1.356 today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
On the flip side, Core Retail Sales in Canada fell short of market expectations (-0.3%) with a reading of -0.6%, continuing the decline from the previous figure of -0.5%.
Meanwhile, Canada Core Consumer Prices came out at 0.3%, while a consensus of analysts was expecting 0.2%. United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million.
At the same time, after ending yesterday's session at 143.67, EUR/JPY lost 46 pips and is trading around 143.2. GBP/NZD is down to 1.9414, losing 58 pips, after closing at 1.9472 in the preceding trading session. EUR/NZD closed at 1.7067 (down 0.36%).
Positive indicators for US Dollar-Canadian Dollar are expected going forward as United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. Tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 200,000 from the preceding figure of 194,000.
The market is looking forward to the release of new data: Canada New Housing Price Index (MoM) (Jan) scheduled to come out today at 13:30 UTC.
Having set a significant low of 1.1321 3 months ago, US Dollar-Canadian Dollar is trading 19.52% higher.
