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May 31, 2023US Dollar-Canadian Dollar trades at 1.3637 after gaining 36 pips (0.27%).
Canada GDP data will be released today at 12:30 UTC, with an expected improvement to 0.2% (previous figure was 0.1%).
On the flip side, highly important Consumer Confidence data from United States beat analyst expectations of 99 with a reading of 102.3.
Meanwhile, Canada Current Account (Q1) came out at -6.2 billion, while a consensus of analysts was expecting -10.9 billion. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.
A look at other currencies also shows bullish price action as having closed the previous session at 0.9057, USD/CHF is up 0.58% today to currently trade at around 0.9109.
While US Dollar-Canadian Dollar is up today, these currencies are lagging behind: EUR/USD is trading around 1.0667 (down 72 pips). EUR/JPY is down to 149.22, losing 80 pips, after closing at 150.03 in the preceding trading session.
Positive indicators for US Dollar-Canadian Dollar are expected going forward as Canada GDP is projected to outperform its last figure with 0.2%, having previously been at 0.1%. The figure will be published today at 12:30 UTC.
Furthermore, the market is looking at Canada GDP is projected to outperform its last figure with 2.8%. It previously stood at 2.07%; data will be released today at 12:30 UTC. Canada GDP Annualized (QoQ) (Q1) will be released today at 12:30 UTC.
After setting a supportive marker at 1.1321 around 6 months ago, US Dollar-Canadian Dollar is now trading 20.12% higher.
