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March 04, 2023
Yesterday at a glance: US Dollar-Canadian Dollar dipped as low as 1.3551 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session (1.3597) with USD/CAD closing the day at 1.3596.
While price action maintains a negative bias, United States ISM Non-Manufacturing PMI (Feb) came out at 55.1, while a consensus of analysts was expecting 54.5. Canada Building Permits released yesterday at 13:30 UTC with a figure of -4%, while the previous figure was -7.7%. Canada Labor Productivity (QoQ) (Q4) came out at -0.5.
Though US Dollar-Canadian Dollar has been dropping, other pairs have been performing better: GBP/NZD is trading around 1.9353 after ending yesterday's session at 1.92 (up 0.8% today). GBP/USD went up by 0.84% yesterday, and closed at 1.2044. GBP/CAD went up by 0.84% yesterday, and closed at 1.6375.
The currency pair has been trending positively for about 30 days. Having set a significant low of 1.1321 3 months ago, US Dollar-Canadian Dollar is trading 20.09% higher.
