Markets recovering from Wednesday’s Fed showing. Canada data prints low-tier on Thursday, but BoC’s Macklem makes second appearance. US NFP Friday looms ahead, economic calendar moderate until then. The Canadian Dollar is recovering ground alongside broader market risk appetite on Thursday after the US Federal Reserve spiked investor tensions in the midweek market session. S&P Global has shifted their rate cut expectations for the year to a single quarter-point trim in December.
On the low side, the CAD backslid a full percent plus a fifth against the Japanese , and also shed a third of a percent against the Swiss Franc . USD/CAD has fallen back below the 200-hour Exponential Moving Average at 1.3709. The pair is testing chart territory below the 1.3700 handle, and is approaching a near-term demand zone between 1.3660 and 1.3630. Despite closing bearish for eight of the last 11 trading days, and poised for another down day on Thursday, USD/CAD is only down a scant 1.
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Source: FXStreetNews - 🏆 14. / 72 Read more »