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May 20, 2023Yesterday at a glance: US Dollar-Canadian Dollar dipped as low as 1.3447 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (1.3502) with USD/CAD closing the day at 1.3498.
In contrast, positive data for US Dollar-Canadian Dollar reported earlier when data for Canada Core Retail Sales published yesterday at 12:30 UTC came out at -0.3%, beating projections of -0.8% and showing improvement over the preceding figure of -0.7%.
While price action maintains a negative bias, Canada Retail Sales matched projections, with new data release of -1.4%. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600.
US Dollar-Canadian Dollar's value drop coincided with the fact that USD/CHF falls 0.68% yesterday and closed at 0.9052. After ending yesterday's session at 1.7293, EUR/NZD lost 122 pips and is trading around 1.7171. GBP/NZD is down to 1.9795, losing 117 pips, after ending the previous session around 1.9912.
Having established significant support at 1.1321 approximately 6 months ago, US Dollar-Canadian Dollar's share price has bounced 19.26% higher.
