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June 13, 2023
Having ended the last trading session at 1.3367, USD/CAD dropped to 1.3282 today, hitting its lowest point in 4 months. Later, it recovered 25 pips and is now trading at 1.3308.
US Dollar-Canadian Dollar is currently trading at 1.3308 following the release of Core Consumer Prices data from the United States.
While price action maintains a negative bias, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released today at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%. United States Core Consumer Prices released today at 12:30 UTC with a figure of 0.4%, while the previous figure was 0.4%.
Though US Dollar-Canadian Dollar has been dropping, other pairs have been performing better: GBP/JPY is up 1.2%. EUR/JPY jumps 0.78% to trade around 151.3. GBP/USD rallies 0.73% to trade around 1.2606.
Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
In addition, tomorrow at 12:30 UTC data for United States Producer Price Index will be released, with an expected decline to -0.1% from the preceding figure of 0.2%.
Furthermore, United States Interest Rate figure is projected at 5.25. It previously stood at 5.25; data will be released tomorrow at 18:00 UTC. United States FOMC Economic Projections set for tomorrow at 18:00 UTC.
After setting a supportive marker at 1.1321 around 7 months ago, US Dollar-Canadian Dollar is now trading 18.07% above this level.
