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April 17, 2023
USD/CAD dropped to 1.33, hitting its lowest point in 2 months. It later recovered 63 pips and is now trading at 1.3363.
A look at other currencies also shows bullish price action as USD/SGD is up 0.18%. USD/CHF goes up 0.2% to trade around 0.8946.
Meanwhile, EUR/USD closed at 1.0977 (down 0.19%).
Furthermore, the market is looking at Canada Core Consumer Prices is expected tomorrow at 12:30 UTC. Canada Wholesale Sales (MoM) (Feb) is scheduled for today at 12:30 UTC. Canada Foreign Securities Purchases (Feb) is expected today at 12:30 UTC. Canada Consumer Price Index figure is projected at 0.5%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC.
The currency pair has been trending lower for about a month. After setting a supportive marker at 1.1321 around 5 months ago, US Dollar-Canadian Dollar is now trading 18% above this level.
