| 
June 21, 2023
USD/CAD is grinding lower from 1.3228 to 1.3162, shedding 65 pips (0.5%) today.
US Dollar-Canadian Dollar is currently trading at 1.3162 following the release of Fed Chair Powell testimony data from the United States.
Amid the market gloom, Canada New Housing Price Index (MoM) (May) came out at 0.1, while a consensus of analysts was expecting zero. Canada Retail Sales beat analyst expectations of 0.2% and the previous reading of -1.5% with new data of 1.1%. Data for Canada Core Retail Sales published today at 12:30 UTC came out at 1.3%, beating projections of 0.4% and showing improvement over the preceding figure of -0.4%.
In the meantime, negative performances are also seen in other pairs as GBP/NZD dips 0.56% to trade around 2.057. USD/CHF closed at 0.8924 (down 0.59%).
Positive performances can be seen by looking at other currencies as having closed the previous session at 154.39, EUR/JPY is up 0.88% today to currently trade at around 155.75.
Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims is projected to outperform its last figure with 260,000, having previously been at 262,000. The figure will be published tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.
Furthermore, United States Existing Home Sales (May) is scheduled for tomorrow at 14:00 UTC.
US Dollar-Canadian Dollar is now trading 16.84% away from its significant low of 1.1321 first tested 7 months ago.
