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June 01, 2023
After closing yesterday at 1.3571, USD/CAD made its largest single-day drop of 129 pips (0.96%) seen recently — now trading at 1.3441.
New United States Crude Oil Inventories improved upon the previous -12.46 million figure while also exceeding analyst expectations with a reading of 4.49 million.
Canada GDP published yesterday at 12:30 UTC came out at 0%, falling short of the 0.2% projections and continuing its decline from the previous 0.1% figure. Data for United States Crude Oil Inventories published today at 15:00 UTC came out at 4.49 million, beating projections of -1.10 million and showing improvement over the preceding figure of -12.46 million.
While price action maintains a negative bias, United States ISM Manufacturing PMI (May) released today at 14:00 UTC with a figure of 46.9, while the previous figure was 47.1.
Positive performances can be seen by looking at other currencies as GBP/USD gained 0.74% and is currently trading at 1.2531. AUD/USD added 1.12% to its value, now trading at 0.6578. Having closed the previous session at 1.0692, EUR/USD is up 0.61% today to currently trade at around 1.0757.
In addition, projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 253,000; data will be released tomorrow at 12:30 UTC. As things stand, upcoming United States Average Hourly Earnings data is projected to fall short of market expectations with newly published data of 0.4%, following on from the preceding figure of 0.5%. New data is set to be published tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Unemployment Rate will be released, with an expected decline to 3.5 from the preceding figure of 3.4.
Having set a significant low of 1.1321 6 months ago, US Dollar-Canadian Dollar is trading 19.87% higher.
