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The Canadian Dollar (CAD) backslid again on Wednesday, shedding another percent against the Greenback. The US Dollar continues to gain ground across the board, with a notable lack of broad-market CAD bullishness sending the Loonie into multi-week lows.Canada remains largely absent from the economic calendar for most of this week, leaving what few CAD traders remain at the table to sit and wait for Friday’s Canadian labor update. Global financial markets continue to hinge their outlook entirely on central bank action, and the Bank of Canada (BoC) is widely expected to undermine the Canadian Dollar once more with another outsized rate cut believed to be in the pipe.
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Canadian Dollar price forecast
USD/CAD has been in a clear bullish uptrend since mid-September, piercing several major technical levels, including the 200-day Exponential Moving Average (EMA) at the 1.3600 handle. With such a one-sided bullish pattern baked into daily candlesticks, price action traders may be looking for a retracement below 1.3650 before loading up on further USD/CAD long positions to push the pair into another leg higher.
USD/CAD daily chart
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