The Greenback strengthened against the Loonie, following the Canadian trade balance data release on Thursday. The USD/CAD currency pair gained only one pip, or 0.01%, to continue fluctuating in the 1.2790 area.
The Statistics Canada revealed lower-than-expected data in the Canadian trade balance in February. Interesting enought, that the USD/CAD currency pair started to go up already minutes before the official data came out. Whether there was a data leakage or the volume was just not there to move the pair even higher. However, if following the technicals, we saw that overall market sentiment was bearish and right before the release the pair reached short-term channel resistance line, which might be the cause of the USD/CAD pair to retrace even lower.
| Historical Data Table: Canadian Trade Balance | Economic Calendar for 06.04.2018 | ||||||||
| Date | 05.12.2017 | 05.01.2018 | 06.02.2018 | 07.03.2018 | 05.04.2018 | 12:30 PM | CAD Employment Change | ||
| Actual | -1.5B | -2.5B | -3.2B | -1.9B | -2.7B | 12:30 PM | US Average Hourly Earnings | ||
| Forecast | -2.3B | -1.2B | -2.3B | -2.5B | -2.1B | 12:30 PM | US Non-Farm Empl. Change | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| AUD/CAD | 0.98296 | 0.98297 | 0.00% | AUD/CAD | 60.25% | 39.75% | |||
| CAD/CHF | 0.75309 | 0.7531 | 0.00% | CAD/CHF | 64.13% | 35.87% | |||
| EUR/CAD | 1.56662 | 1.5666 | 0.00% | EUR/CAD | 55.65% | 44.35% | |||
| USD/CAD | 1.27972 | 1.27981 | 0.01% | USD/CAD | 35.84% | 64.16% | |||