The Canadian Dollar (CAD) churned within familiar levels on Monday as a data-light economic calendar kicks off the new trading week.
Canadian Dollar middles as markets focus on Fed rate cuts. Canada issued far fewer building permits than expected in March. Markets continue to bet on two rate cuts in 2024 despite cautionary Fedspeak. The Canadian Dollar churned within familiar levels on Monday as a data-light economic calendar kicks off the new trading week. Investors continue to hinge risk appetite on rate cut expectations from the Federal Reserve with updates to US inflation data due later in the week.
The USD/CAD is struggling to find momentum on Monday, holding in place near 1.3680. Bids are treading water just above a near-term supply zone from 1.3660 to 1.3615. Topside momentum is capped by the 200-hour Exponential Moving Average just below the 1.3700 handle, while short-sellers have been unsuccessful in dragging the pair back down to 1.3600.
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