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Canadian Dollar churns on Wednesday after BoC rate cut

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The Canadian Dollar (CAD) backslid against the US Dollar (USD) during Wednesday’s US market session, briefly sending USD/CAD to a near-term high of 1.3740 before markets faded the move back to the 1.3700 handle.

Canadian Dollar loses minor ground against Greenback after BoC rate cut. Canada delivers broadly expected rate trim, but BoC sticks to per meeting outlook. Markets set to pivot to Friday’s US NFP and Canadian labor figures. The Canadian Dollar backslid against the US Dollar during Wednesday’s US market session, briefly sending USD/CAD to a near-term high of 1.3740 before markets faded the move back to the 1.3700 handle.

75% Previous: 5% Source: Bank of Canada Technical analysis: Canadian Dollar edges lower on Wednesday as Greenback gains The Canadian Dollar is mixed on Wednesday, rising nearly half a percent against the Japanese Yen but falling around a quarter of a percent against the US Dollar. The CAD’s backslide sparked a brief rise in the pair to 1.3740 before cooler heads prevailed and pushed the pair back toward the 1.37000.

 

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