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Canadian Dollar finds room for recovery in quiet Monday action

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The Canadian Dollar (CAD) is experiencing a moderate rebound on Monday, recovering ground that was lost late last week during the risk-off plunge as markets pulled away from the CAD.

Canadian Dollar moves broadly higher in Monday rebound. Canada data is thin until Friday’s labor figures. Rate markets put odds of September Fed rate cut at 65%. The Canadian Dollar is experiencing a moderate rebound on Monday, recovering ground that was lost late last week during the risk-off plunge as markets pulled away from the CAD. Markets are kicking off the new trading week on the upside, however, with thin Canadian economic data throughout the week until Friday’s labour report.

Daily candlesticks leave USD/CAD in slightly more bullish technical shape, trading north of the 200-day EMA at 1.3550. The pair is up 3.1% in 2024 but is still trading on the low side of the YTD peak near 1.3850.

 

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