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March 08, 2023USD/CAD rallied to 1.3815, hitting its highest point in 4 months. It later lost 21 pips and is now trading at 1.3793.
United States's Crude Oil Inventories new data released of -1.69 million below its previous figure.
This move comes while some more positive signs for US Dollar-Canadian Dollar are out as Crude Oil Inventories in United States fell short of market expectations (395,000) with a reading of -1.69 million, continuing the decline from the previous figure of 1.17 million.
At the same time, Canada Interest Rate released today at 15:00 UTC with a figure of 4.5, while the previous figure was 4.5. United States JOLTs Job Openings (Jan) came out at 10.82 million, while a consensus of analysts was expecting 10.5 million.
Elsewhere, other currency pairs are also gaining ground as GBP/CAD gained 0.5% and is currently trading at 1.6343. EUR/CAD is up 0.34%. GBP/JPY is up 0.28%.
Positive indicators for US Dollar-Canadian Dollar are expected going forward as tomorrow at 13:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 195,000 from the preceding figure of 190,000.
Elsewhere, Canada BoC Senior Deputy Governor Rogers speech is expected tomorrow at 18:30 UTC.
The currency pair has been trending positively for about a month. US Dollar-Canadian Dollar is now trading 21.41% away from its significant low of 1.1321 first tested 3 months ago.
