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June 20, 2023USD/CAD is rallying again to 1.3264 (up 58 pips), after erasing earlier gains.
US Dollar-Canadian Dollar is currently trading at 1.3264 following the release of Building Permits (May) data from the United States.
At the same time, United States Building Permits (May) released today at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. Canada RMPI (MoM) (May) came out at -4.9, while a consensus of analysts was expecting 1.7. United States Housing Starts came out at 21.7%, better than analyst estimates of -0.8% and improving upon the previous reading of -2.9%.
A look at other currencies also shows bullish price action as EUR/AUD is up 1.23%. EUR/NZD gained 0.82% and is currently trading at 1.7758.
While US Dollar-Canadian Dollar is up today, these currencies are lagging behind: AUD/USD is down to 0.6756, losing 98 pips, after closing at 0.6855 in the preceding trading session.
Positive indicators for US Dollar-Canadian Dollar are expected going forward as Canada Core Retail Sales is projected to outperform its last figure with 0.3%. It previously stood at -0.3%; data will be released tomorrow at 12:30 UTC.
Elsewhere, Canada Retail Sales is projected to outperform its last figure with 0.2%. It previously stood at -1.4%; data will be released tomorrow at 12:30 UTC. Canada New Housing Price Index (MoM) (May) is expected tomorrow at 12:30 UTC.
US Dollar-Canadian Dollar is now trading 16.65% away from its significant low of 1.1321 first tested 7 months ago.
