The USD/CAD pair rose on Monday after falling earlier in the day, where falling commodity prices pushed the USD/CAD pair to the upside, noting that the pair was lower earlier on Monday as gold and oil hit new record highs, while the U.S. new home sales rose slightly above expectations in March.
The USD/CAD pair will probably continue to drop over the upcoming period, although we don’t exclude to witness some upside correctional movements, but the general trend should remain to the downside.
Tuesday 13:00, the S&P/CaseShiller Home Price index will be released for the month of February, where house prices declined in January by 0.22% and 3.06% on monthly and early basis respectively, while house prices are still expected to have dropped in February by 0.40% and 3.27% on monthly and yearly basis respectively.
Tuesday 14:00, the U.S. Conference Board will release the Consumer Confidence for the month of April, where consumer confidence reached 63.4 in March, while expectations signal that consumer confidence improved further in April to reach 64.7, as overall economic conditions improved.
Originally posted here
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