Canadian Dollar churns on Wednesday’s thin markets – Crypto News – Crypto News
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USD/CAD erases Tuesday's losses on a firm US dollar ahead of FOMC minutes USD/CAD erases Tuesday's losses on a firm US dollar ahead of FOMC minutes

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Canadian Dollar churns on Wednesday’s thin markets – Crypto News

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  • Canadian Dollar gave a mixed performance, easing against the Greenback.
  • Canada reported a potential contraction in wholesale trade in May.
  • Fedspeak to continue dominating headlines until high impact data late in the week.

The Canadian Dollar (CAD) is mixed on Wednesday, giving a mediocre performance and settling lower against the US Dollar as Fedspeak continues to weigh on investor focus. Markets await a slew of key economic figures due in the back half of the trading week. 

US Durable Goods Orders, Initial Jobless Claims, and US Gross Domestic Product (GDP) figures all slated for Thursday. Friday will follow up with Canadian MoM GDP and US Personal Consumption Expenditure Price Index (PCE) inflation for the month of May.

Statistics Canada (Statscan) warned of a contraction in wholesale trade activities in May, which follows a moderate increase in April’s figures. The Statscan flash estimate is a preview of the final figure that will be published on July 15.

Daily digest market movers: Canadian Dollar churns on Wednesday, eases against Greenback

  • Canadian Wholesale Sales likely contracted by 0.9% in May, according to a Statscan flash estimate.
  • A decline in upstream business activity will put renewed pressure on Friday’s upcoming Canadian GDP print, which is forecast to rise to 0.3% MoM in April after the previous 0.0%.
  • US New Home Sales in May also declined on Wednesday, coming in at -11.3% MoM. This is the sharpest downside correction since July 2022 as housing activity remains subdued.
  • US Bank Stress Test information is due later on Wednesday.
  • Markets look ahead to Thursday’s US GDP revision for the first quarter, which is expected to hold steady at 1.3% QoQ.

Canadian Dollar price today

The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Japanese Yen.

  USD EUR GBP CAD AUD JPY NZD CHF
USD   0.22% 0.41% 0.26% -0.09% 0.61% 0.61% 0.21%
EUR -0.22%   0.19% 0.04% -0.31% 0.41% 0.40% 0.00%
GBP -0.41% -0.19%   -0.16% -0.49% 0.22% 0.20% -0.16%
CAD -0.26% -0.04% 0.15%   -0.34% 0.37% 0.36% -0.02%
AUD 0.09% 0.30% 0.48% 0.34%   0.71% 0.71% 0.35%
JPY -0.62% -0.41% -0.22% -0.38% -0.71%   -0.01% -0.41%
NZD -0.62% -0.40% -0.21% -0.36% -0.72% 0.03%   -0.37%
CHF -0.24% -0.02% 0.17% 0.02% -0.32% 0.39% 0.39%  

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

Technical analysis: Canadian Dollar slumps back to 1.3700 against Greenback

The Canadian Dollar (CAD) was mixed on Wednesday. It rose around four-tenths of one percent against the Japanese Yen and the New Zealand Dollar. However, it shed a third of a percent against the Australian Dollar and backslid a quarter of a percent against the US Dollar.

USD/CAD rose to the 1.3700 handle on Wednesday as the Canadian Dollar recedes against the Greenback. The pair briefly set a multi-week low this week before returning to a familiar congestion zone.

Intraday price action is hung up on the 200-hour Exponential Moving Average (EMA) at 1.3692, and daily candlesticks have snapped a near-term losing streak. The 50-day EMA at 1.3675 provides technical support, and the pair continues to grind out a medium-term consolidation pattern north of the 200-day EMA at 1.3582.

USD/CAD hourly chart

USD/CAD daily chart

Economic Indicator

Gross Domestic Product (MoM)

The Gross Domestic Product (GDP), released by Statistics Canada on a monthly and quarterly basis, is a measure of the total value of all goods and services produced in Canada during a given period. The GDP is considered as the main measure of Canadian economic activity. The MoM reading compares economic activity in the reference month to the previous month. Generally, a high reading is seen as bullish for the Canadian Dollar (CAD), while a low reading is seen as bearish.

Read more.

Next release: Fri Jun 28, 2024 12:30

Frequency: Monthly

Consensus: 0.3%

Previous: 0%

Source:

 

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