- Canadian Dollar pulls back to even against US Dollar midweek.
- Canada brings little data of note to the table.
- US PPE, Retail Sales on offer for Thursday.
The Canadian Dollar (CAD) found some room on the upside at the midweek inflection point as investors await Thursday’s US Producer Price Index (PPI) and Retail Sales figures. The CAD continues to wrestle with the US Dollar (USD), but the Canadian Dollar is on pace to be one of the strongest performers this week as the only major currency entirely in the green.
Go figure! Canada’s high-performance week comes when there’s no meaningful Canadian data on offer. Canadian Manufacturing Sales for January, slated for Thursday, are expected to recover to 0.4% from the previous -0.7%. Canadian Housing Starts come on Friday, expected to tick up slightly to 230K from 223.6K. Neither print is expected to draw much attention, if any.
After Thursday’s US PPE and Retail Sales, Friday will wrap things up with another round of University of Michigan Consumer Sentiment and Expectation prints for March. UoM Consumer Sentiment is forecast to hold steady at 76.9, while UoM Consumer Inflation Expectations last showed US consumers expected annual inflation to land somewhere around 2.9%.
Canadian Dollar price this week
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies this week. Canadian Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | -0.14% | 0.40% | -0.16% | -0.10% | 0.54% | 0.24% | -0.06% | |
| EUR | 0.13% | 0.53% | -0.04% | 0.03% | 0.68% | 0.37% | 0.08% | |
| GBP | -0.39% | -0.52% | -0.56% | -0.49% | 0.16% | -0.14% | -0.44% | |
| CAD | 0.17% | 0.03% | 0.56% | 0.06% | 0.67% | 0.40% | 0.10% | |
| AUD | 0.09% | -0.04% | 0.49% | -0.07% | 0.64% | 0.33% | 0.04% | |
| JPY | -0.53% | -0.68% | 0.09% | -0.72% | -0.64% | -0.30% | -0.61% | |
| NZD | -0.24% | -0.38% | 0.16% | -0.41% | -0.34% | 0.30% | -0.30% | |
| CHF | 0.04% | -0.07% | 0.44% | -0.10% | -0.05% | 0.59% | 0.28% |
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: USD/CAD stuck into week’s lows as Canadian Dollar fights back
The Canadian Dollar (CAD) started Wednesday on the front foot, finding gains against the majority of its major currency peers before slightly softening during the American trading session. At the time of writing, the CAD is down around a sixth of a percent against the Australian Dollar (AUD) and tipping into the red against the Euro (EUR) but still within a tenth of a percent of the day’s opening bids. The CAD is up around a fifth of a percent against the US Dollar and has gained around a sixth of a percent against both the Swiss Franc (CHF) and the Japanese Yen (JPY).
USD/CAD slipped back into the week’s low bids as the Canadian Dollar found firmer footing, setting a new low for the week near 1.3460. The pair is still on the high side of last week’s swoon into 1.3420, and near-term price action has a technical ceiling priced in at the 200-hour Simple Moving Average (SMA) near 1.3520.
Daily candles continue to get hung up on the pair’s 200-day SMA at 1.3478, and directional momentum remains limited despite a recent pattern of higher highs. A supply zone is priced in just above the 1.3400 handle.
USD/CAD hourly chart
USD/CAD daily chart
منبع: https://www.fxstreet.com/news/canadian-dollar-recovers-ground-on-wednesday-markets-await-us-ppe-and-retail-sales-202403131624
