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June 16, 2023Having ended the last trading session at 1.3221, USD/CAD dropped to 1.3191 today, hitting its lowest point in 4 months. Later, it recovered 22 pips and is now trading at 1.3214.
While price action maintains a negative bias, Canada Wholesale Sales (MoM) (Apr) released today at 12:30 UTC with a figure of -1.4, while the previous figure was -1.1. Canada Foreign Securities Purchases (Apr) released today at 12:30 UTC with a figure of 13.52 billion, while the previous figure was -19.72 billion. Canada Manufacturing Sales (MoM) (Apr) came out at 0.3, while a consensus of analysts was expecting -0.2.
Though US Dollar-Canadian Dollar has been dropping, other pairs have been performing better: GBP/JPY gained 1.13% and is now trading at 181.32. USD/JPY is up 0.88%. Having closed the previous session at 2.0492, GBP/NZD is up 0.67% today to currently trade at around 2.0628.
After setting a supportive marker at 1.1321 around 7 months ago, US Dollar-Canadian Dollar is now trading 16.78% above this level.
