| 
May 19, 2023
Struggling to find upward momentum, USD/CAD has shed 15 pips to currently trade at 1.3485 as it ranges between 1.3447 and 1.3524 so far today.
Core Retail Sales data from Canada will be released today at 12:30 UTC with analysts expecting a decline to -0.8%. Potentially significant price fluctuations in US Dollar-Canadian Dollar are expected to follow.
Meanwhile, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. Canada New Housing Price Index (MoM) (Apr) came out at -0.1, while a consensus of analysts was expecting -0.1. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4.
In the meantime, negative performances are seen in other pairs, after ending yesterday's session at 138.66, USD/JPY lost 49 pips and is trading around 138.17. EUR/JPY goes down 0.25% to trade around 148.97. GBP/JPY is trading around 171.54 (down 43 pips).
Looking ahead, ongoing depreciation may be prolonged as projections for Canada Core Retail Sales are set for a continuation of decline with -0.8% while previous data was -0.7%; data will be released today at 12:30 UTC.
Furthermore, Canada Retail Sales expected to decline to -1.4% while its preceding data was -0.2%, data will be available today at 12:30 UTC. United States Fed Chair Powell speech set for today at 15:00 UTC.
Having established significant support at 1.1321 approximately 6 months ago, US Dollar-Canadian Dollar's share price has bounced 19.26% higher.
