Canadian Dollar is losing momentum with strong US macroeconomic data boosting Greenback.
Canadian S&P Manufacturing PMI fails to support Loonie. Oil prices have stalled near year-to-date highs, which adds negative pressure on CAD. The Canadian Dollar has opened the week on its back foot against a somewhat stronger US Dollar. Upbeat US manufacturing activity data and the softer crude prices are weighing on the Loonie in a thin market session as most European markets are closed on the Monday following Easter.
3615 The USD/CAD regained positive traction on Monday, underpinned by the strong US macroeconomic data that endorses the “soft landing” rhetoric and opens cracks in the market view tat anticipates three rate hikes in 2024. The pair keeps trading within a slightly bullish channel. The rebound from last week’s lows has breached resistance at 1.3565, which gives buyers hope to extend gains toward 1.3615 and the top of the channel at 1.3632. Supports are 1.3520 and 1.3470.
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