Canadian Dollar treads lightly amidst quiet Monday markets. Canada Housing Starts rise faster than expected in May, but sales and prices are down. US NY Empire Manufacturing recovered, but Tuesday’s Retail Sales loom ahead. The Canadian Dollar is trading tightly on Monday, with gains and losses mixed across the board and within a quarter of a percent against most of its major currency peers. Canadian Housing Starts came in better than expected, but prices and activity remain lower in May.
3760 before pulling back into a familiar midrange near 1.3740. Intraday price action remains mired on the low side of a heavy supply zone above 1.3760, but long-term momentum still leans into the bullish side as the pair holds north of the 50-day Exponential Moving Average at 1.3673. USD/CAD has been grinding higher on a rising trendline, climbing from December’s swing low below 1.3200, but the pair has failed to etch in a fresh high since peaking at 1.3846 in mid-April.
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