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June 08, 2023USD/CAD dropped to 1.3318, hitting its lowest point in 8 weeks. Later, it recovered 28 pips and is now trading at 1.3347.
Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 235,000. Potentially significant price fluctuations in US Dollar-Canadian Dollar are expected to follow.
On the flip side, Crude Oil Inventories in United States fell short of market expectations (1 million) with a reading of -451,000, continuing the decline from the previous figure of 4.49 million.
Meanwhile, Canada Interest Rate came out at 4.75, while a consensus of analysts was expecting 4.5. Canada Labor Productivity (QoQ) (Q1) released yesterday at 12:30 UTC with a figure of -0.6, while the previous figure was -0.5.
Though US Dollar-Canadian Dollar has been dropping, other pairs have been performing better: EUR/USD gained 0.31% and is currently trading at 1.0734. NZD/USD goes up 0.34% to trade around 0.6062. AUD/USD rises 0.37% to trade around 0.6681.
Looking ahead, ongoing depreciation may be prolonged as Canada Employment Change expected to decline to 23,200 while its preceding data was 41,400, data will be available tomorrow at 12:30 UTC.
Moreover, projections for United States Initial Jobless Claims are set for a continuation of decline with 235,000 while previous data was 232,000; data will be released today at 12:30 UTC.
Furthermore, tomorrow at 12:30 UTC data for Canada Unemployment Rate will be released, with an expected decline to 5.1 from the preceding figure of five.
After setting a supportive marker at 1.1321 around 6 months ago, US Dollar-Canadian Dollar is now trading 18.09% higher.
