Canadian Dollar Recedes Against Greenback On Thursday As Buck Bets Rebound -

Canadian Dollar Recedes Against Greenback On Thursday As Buck Bets Rebound

Mar 21, 2024Jeremy ParkinsonFinance0

Photo by Michelle Spollen on Unsplash
The Canadian Dollar (CAD) is broadly higher on Thursday, climbing against most of its major currency peers, but the US Dollar (USD) is getting bid higher, faster. Investors are paring back Greenback selling after a Fed-fueled midweek splurge, bolstering the US Dollar across the board.Canada will return to the economic calendar with meaningful data on Friday. Retail Sales figures for January are expected to decline around half a percent after rising nearly a full percent in December.

Daily digest market movers: US Dollar dominates on US data flows

US S&P Global Purchasing Managers Index (PMI) figures printed a split on Thursday.

March’s US Manufacturing PMI rose to 52.5 from the previous 52.2, easily vaulting over the forecasted decline to 51.7.

The Services PMI for March fell more than expected, declining to 51.7 from the previous month’s 52.3, falling more than the forecast 52.0.

US Initial Jobless Claims slipped to 210K for the week ended March 15, missing the forecasted increase to 215K from the previous week’s 212K (revised upward from 209K).

Analysts from Scotiabank have noted that the month of April tends to be the Canadian Dollar’s best-performing month against the Greenback.

Scotiabank: April is the CAD’s best month of the calendar year against the USD.

Canadian Dollar price today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the weakest against the US Dollar.

USD EUR GBP CAD AUD JPY NZD CHF USD 0.71% 1.03% 0.45% 0.39% 0.61% 0.71% 1.50% EUR -0.72% 0.32% -0.26% -0.33% -0.12% 0.01% 0.79% GBP -1.05% -0.33% -0.59% -0.63% -0.45% -0.32% 0.46% CAD -0.47% 0.26% 0.59% -0.05% 0.13% 0.26% 1.04% AUD -0.40% 0.32% 0.64% 0.06% 0.19% 0.33% 1.10% JPY -0.58% 0.13% 0.45% -0.16% -0.19% 0.14% 0.91% NZD -0.71% 0.00% 0.32% -0.26% -0.33% -0.10% 0.80% CHF -1.51% -0.79% -0.47% -1.06% -1.12% -0.90% -0.80%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).

Technical analysis: US Dollar rebounds, bullish CAD gets outperformed
The Canadian Dollar (CAD) is broadly higher on Thursday, gaining ground against nearly all of its major currency peers despite falling around four-tenths of a percent against the US Dollar. The CAD is struggling to hold flat against the day’s other over-performing currency, the Australian Dollar (AUD).The USD/CAD is on the rise in Thursday trading, cutting in approximately 0.6% in bullish momentum bottom-to-top. The pair caught a bounce from the 1.3460 region, reclaiming the familiar 1.3500 handle in intraday trading.Thursday’s recovery etches in a technical rejection from the 200-day Simple Moving Average (SMA) at 1.3485. A rangebound USD/CAD pattern looks set to continue in the near term.
USD/CAD hourly chart
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