The Canadian Dollar (CAD) found a brief reprieve on Wednesday from steady selling pressure against the Greenback after Canadian Gross Domestic Product (GDP) beat forecasts, but gains remain limited as the figure still eased from the previous print.
The Canadian Dollar stepped higher after Canadian GDP beat. Canada remains underrepresented on the economic calendar this week. Wednesday’s Fed rate call still weighs on markets. The Canadian Dollar found a brief reprieve on Wednesday from steady selling pressure against the Greenback after Canadian Gross Domestic Product beat forecasts, but gains remain limited as the figure still eased from the previous print.
3800 handle as the US Dollar snaps a bullish streak against the Canadian Dollar that dragged the pair up a full two percent bottom-to-top. The Greenback’s rally against the CAD dragged the pair into fresh highs for 2024, testing price levels last seen in November of last year. Bullish momentum is set to run out of steam after a near-term bounce from the 200-day Exponential Moving Average in mid-July. The long-term average is now rising into 1.
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