- The Canadian Dollar caught bids today, but gains remain limited against the USD.
- Canada sees better-than-expected recovery in jobless claims.
- Initial claims for jobless benefits in the US fell, but less than expected; US PMIs will be released on Friday.
He Canadian dollar (CAD) found some room to the upside on Thursday, adding to the week’s meager gains. The CAD is struggling to outperform the US Dollar (USD), which is rising as US markets return from a mid-week holiday that kept US stock markets closed and US Dollar trading sideways.
Canada reported a comparatively sharp decline in the number of Canadians receiving unemployment benefits. US initial jobless claims also fell, but less than expected, raising the four-week average. Canadian retail sales and US Purchasing Managers’ Index (PMI) numbers are scheduled for Friday to close out the trading week.
Daily Market Summary: Jobless Benefits Figures Boost Market Sentiment, CAD Rises
- The change in Canadian employment insurance beneficiaries decreased 2.8% month-on-month in April, well below the previous increase of 0.1% and the largest decline in unemployment benefit claimants in Canada since November 2022.
- Initial claims for jobless benefits in the US also decreased from the previous week, but less than expected. New applicants for unemployment benefits fell to 238,000 for the week ending June 14, lower than the previous 243,000 but higher than the 235,000 expected.
- US initial jobless claims remain higher than the four-week average, which rose to 232,750 from 227,250.
- The Philadelphia Fed’s manufacturing survey fell to 1.3 in June, missing the expected rise to 5.0 from 4.5 previously, as economic concerns continue to weigh on business sentiment.
- Canada’s retail sales, due to be released on Friday, are expected to recover to 0.7% month-on-month in April, down from a previous decline of -0.2%.
- Friday’s US PMI will close out the trading week, with markets expecting a slight decline. The manufacturing PMI is expected to decline to 51.0 from 51.3, and the services component is expected to decline to 53.7 from 54.8.
Canadian Dollar PRICE Today
The table below shows the percentage change of the Canadian Dollar (CAD) against major currencies today. Canadian dollar was the strongest currency against the Swiss franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.34% | 0.46% | 0.46% | -0.01% | 0.32% | 0.25% | 0.75% | |
| EUR | -0.34% | 0.11% | 0.12% | -0.35% | -0.02% | -0.10% | 0.40% | |
| GBP | -0.46% | -0.11% | 0.00% | -0.46% | -0.13% | -0.22% | 0.27% | |
| JPY | -0.46% | -0.12% | 0.00% | -0.51% | -0.15% | -0.26% | 0.26% | |
| CAD | 0.00% | 0.35% | 0.46% | 0.51% | 0.31% | 0.26% | 0.74% | |
| AUD | -0.32% | 0.02% | 0.13% | 0.15% | -0.31% | -0.08% | 0.42% | |
| NZD | -0.25% | 0.10% | 0.22% | 0.26% | -0.26% | 0.08% | 0.49% | |
| CHF | -0.75% | -0.40% | -0.27% | -0.26% | -0.74% | -0.42% | -0.49% |
The heat map shows percentage changes for major currencies. The base currency is selected from the left column, while the quote currency is selected from the top row. For example, if you choose the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change shown in the box will represent CAD (base)/USD (quote).
Technical Analysis: Canadian Dollar Rebounds, But Still Stuck at Key Levels
The Canadian Dollar (CAD) is gaining ground across the board on Thursday, rising almost eight tenths of a percent against the weakening Swiss Franc (CHF), the worst performing currency of the day. The CAD is also up more than half a percent against the British Pound (GBP) and the Japanese Yen (JPY), but gains against the US Dollar remain limited as the Canadian Dollar trades within a tenth of a percent. against the US dollar.
USD/CAD remains stuck in short-term congestion around the 1.3700 area, but momentum is tilting in favor of bears looking to push the US Dollar lower against the Canadian Dollar. The pair is steadily declining from a short-term supply zone above 1.3760, with an eye on the recent swing low at 1.3680.
The daily candles are on track to return to the technical support of a confluence at an ascending trend line and the 50-day exponential moving average (EMA) at 1.3676, but a long-term price bottom is built in at the 200-day EMA which rises towards the 1.3600 area. USD/CAD is down a full percentage from the year’s highs near 1.3850, but is still a healthy 3.5% above 2024 initial bids near 1.3250.
USD/CAD Hourly Chart
USD/CAD Daily Chart
economic indicator
Retail Sales (MoM)
It is a monthly estimate published by Statistics Canada of total goods sold by retailers based on a sample of stores of different types and sizes. The retail sales index is frequently taken as an indicator of consumer confidence. Released at 8:30 am EST around the 12th of each month, the report reports data from the previous month. It is a preliminary report, which may be significantly revised once the final numbers are calculated. A reading above expectations is bullish for the Canadian dollar, while a reading below market consensus is bearish.
Next post: Fri Jun 21, 2024 12:30
Frequency: Monthly
Dear: 0.7%
Previous: -0.2%
Fountain: Statistics Canada
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
