The Canadian Dollar (CAD) mostly paddled in place on Tuesday, finding thin gains across the board but still struggling to make headway against a mild recovery in US Dollar bidding.
Canadian Dollar finds gains, but remains slightly lower against the Greenback. Canada is set to deliver another BoC rate cut despite near-term inflation uptick. Key US data due this week will likely overshadow BoC moves. The Canadian Dollar mostly paddled in place on Tuesday, finding thin gains across the board but still struggling to make headway against a mild recovery in US Dollar bidding.
However, the CAD was still unable to overcome a mild but determined recovery in US Dollar bidding, keeping USD/CAD testing into near-term highs. USD/CAD is on pace to chalk in another green daily candle after having closed bullish for all but one of the last eight consecutive trading days. Bidders continue to push the pair back towards the 1.3800 handle, but a heavy supply zone priced in from April’s peaks near 1.3850 are keeping momentum limited.
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