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.
Canadian Dollar rises, but USD rises faster. Canada brings Retail Sales data to fore on Friday. US PMIs came in mixed on Thursday. The Canadian Dollar is broadly higher on Thursday, climbing against most of its major currency peers, but the US Dollar 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.
Thursday’s recovery etches in a technical rejection from the 200-day Simple Moving Average at 1.3485. A rangebound USD/CAD pattern looks set to continue in the near term.
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