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May 17, 2023
USD/CAD remains constrained within a 1.3433 to 1.3536 range and is currently trading around the 1.3454 level.
New United States Crude Oil Inventories improved upon the previous 2.95 million figure while also exceeding analyst expectations with a reading of 5 million.
Data for United States Crude Oil Inventories published today at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million.
Meanwhile, Canada Core Consumer Prices released yesterday at 12:30 UTC with a figure of 0.5%, while the previous figure was 0.6%. Canada Foreign Securities Purchases (Mar) came out at -19 billion, while a consensus of analysts was expecting 5.22 billion.
Positive performances can be seen by looking at other currencies as having closed the previous session at 136.36, USD/JPY is up 0.96% today to currently trade at around 137.67. GBP/JPY gained 1% and is currently trading at 171.9. EUR/JPY is up 0.76% to 149.24.
Furthermore, Canada BoC Gov Macklem speech is scheduled tomorrow at 15:00 UTC. Canada New Housing Price Index (MoM) (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Philadelphia Fed Manufacturing Index (May) is expected tomorrow at 12:30 UTC.
Having established significant support at 1.1321 approximately 6 months ago, US Dollar-Canadian Dollar's share price has bounced 19% higher.
