Daily Analysis For USD/CAD 24-05-2023

Daily Analysis For USD/CAD 24-05-2023

USD/CAD Analysis
USD/CAD
Economic Events and Scenario for USD/CAD
Economic Events : -
GMTEventImpactCurrency
00:00(Japan) Reuters Tankan IndexMediumJPY
01:00(Ecuador) The Battle of PichinchaNoneUSD
02:00(Australia) Westpac Leading Index MoMLowAUD
03:00(New Zealand) RBNZ Interest Rate DecisionMediumNZD
04:00(East Timor) Inflation Rate YoYLowUSD
04:00(East Timor) Inflation Rate MoMLowUSD
04:00(New Zealand) RBNZ Press ConferenceMediumNZD
06:00(Finland) Export Prices YoYLowEUR
06:00(Finland) Import Prices YoYLowEUR
06:00(Finland) PPI YoYLowEUR
06:00(Finland) Unemployment RateLowEUR
07:00(United Kingdom) Core Inflation Rate MoMLowGBP
07:00(United Kingdom) PPI Output YoYLowGBP
07:00(United Kingdom) PPI Input YoYLowGBP
07:00(United Kingdom) PPI Input MoMLowGBP
07:00(United Kingdom) PPI Output MoMLowGBP
07:00(United Kingdom) Inflation Rate MoMMediumGBP
07:00(United Kingdom) Core Inflation Rate YoYMediumGBP
07:00(United Kingdom) Inflation Rate YoYHighGBP
07:00(United Kingdom) PPI Core Output YoYLowGBP
07:00(United Kingdom) PPI Core Output MoMLowGBP
07:00(United Kingdom) Retail Price Index YoYLowGBP
07:00(United Kingdom) Retail Price Index MoMLowGBP
08:00(Euro Area) ECB Non-Monetary Policy MeetingMediumEUR
08:10(Australia) RBA Jacobs SpeechMediumAUD
09:00(Germany) Ifo ExpectationsLowEUR
09:00(Germany) Ifo Current ConditionsLowEUR
09:00(Germany) Ifo Business ClimateHighEUR
10:30(Germany) 15-Year Bund AuctionLowEUR
10:30(United Kingdom) BoE Gov Bailey SpeechMediumGBP
11:00(United Kingdom) CBI Industrial Trends OrdersMediumGBP
12:00(United States) MBA 30-Year Mortgage RateMediumUSD
12:00(United States) MBA Mortgage ApplicationsLowUSD
12:00(United States) MBA Mortgage Refinance IndexLowUSD
12:00(United States) MBA Mortgage Market IndexLowUSD
12:00(United States) MBA Purchase IndexLowUSD
14:00(Belgium) Business ConfidenceLowEUR
15:30(United States) EIA Refinery Crude Runs ChangeLowUSD
15:30(United States) EIA Crude Oil Stocks ChangeMediumUSD
15:30(United States) EIA Heating Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Stocks ChangeLowUSD
15:30(United States) EIA Gasoline Production ChangeLowUSD
15:30(United States) EIA Crude Oil Imports ChangeLowUSD
15:30(United States) EIA Gasoline Stocks ChangeMediumUSD
15:30(United States) EIA Cushing Crude Oil Stocks ChangeLowUSD
15:30(United States) EIA Distillate Fuel Production ChangeLowUSD
16:30(United States) 17-Week Bill AuctionLowUSD
16:30(United States) 2-Year FRN AuctionLowUSD
17:00(Canada) 10-Year Bond AuctionLowCAD
17:10(United States) Fed Waller SpeechMediumUSD
18:00(United States) 5-Year Note AuctionLowUSD
18:45(Euro Area) ECB President Lagarde SpeechMediumEUR
19:00(United States) FOMC MinutesHighUSD
Today's Scenario: - Ahead of Wednesday's European session, USD/CAD continues to hover around the 1.3500 level, following three consecutive days of volatility that resulted in no significant daily gains or losses. The movement of the Loonie pair is closely correlated with the price fluctuations of Canada's primary export commodity, WTI crude oil, while paying little attention to the recent decline in the US Dollar.
The markets are exhibiting limited activity in early Wednesday trading, as the impasse in the US debt ceiling negotiations adds to the cautious sentiment ahead of the release of the Fed Minutes. Additionally, mixed concerns regarding risk factors and the absence of major catalysts are constraining oil price movements, thereby influencing the performance of USD/CAD in recent times.
Buy Scenario: - In a bullish scenario for USD/CAD, the price would need to break above the resistance level and continue its upward movement, surpassing the peak formation. This would result in a shift back to the positive side of the bullish trendline. Till we do not advise to buy USD/CAD.
Sell Scenario: - In the bearish scenario described above, the price of USD/CAD would test the resistance of the counter-trendline and the neckline of the M-formation. If the bears gain momentum and exert more control, it could lead to a continuation of the downside move, potentially reaching levels around the 1.3470s. Till we do not advise to sell USD/CAD.
Support and Resistance Level: -
SupportResistance
S1 1.3476-R1 1.3540
S2 1.3448-R2 1.3577
S3 1.3412-R3 1.3604

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