The Canadian dollar has recently been finding some momentum to kick off the trading week, bolstered by investors finding their risk appetite in early trading. With the US Purchasing Manager Index (PMI), US Gross Domestic Product (GDP), and US Personal Consumption Expenditure (PCE) Index data all due in the upcoming week, the US dollar is going to see plenty of play in the coming days.The Bank of Canada (BoC) is to bring forth its latest rate call on Wednesday with a press conference to follow. The BoC holding their reference rate at 5% is a foregone conclusion, but investors will be watching for any hints of when the Canadian central bank will begin looking at rate cuts.
Daily Digest Market Movers: Canadian Dollar Buoyed by US Dollar Selling Pressure
Technical Analysis: Canadian Dollar Finds Room to Stretch in Monday’s Mild US Dollar Selloff
The Canadian dollar has been getting a bump up as the US dollar has waned across the broader market space, taking the USD/CAD currency pair lower on Monday and testing below the 1.3700 level.After Friday’s bump into its highest bids in almost two weeks, the USD/CAD pair appears to be fumbling the 1.3700 handle, setting an intraday low of 1.3675 after slipping from the day’s peak at 1.3736.Monday’s action has the USD/CAD duo set to print an inside candle to kick off the week, and traders will be keeping an eye on any breakouts from immediate chart territory. Near-term technical support sits at the 50-day Simple Moving Average (SMA), which has recently been rising into 1.3600, while the ceiling sits at the last swing high into 1.3785.More By This Author:Silver Price Forecast: XAG/USD Drops To Near $23 As 10-Year US Yields Soar To 5% US Dollar Faces Pressure As Israel Ground Offensive Gets Delayed Asia Morning Report: WTI Extends Losses Near $86.70, Chinese Crude Oil Output Edges Up
