The Canadian Dollar (CAD) settled into a holding pattern on Thursday as markets batten down the hatches ahead of Friday’s key labor data from both the US and Canada.
Canadian Dollar treads water as investors buckle down ahead of Friday data. Canada will bring wages and labor change to the table on Friday. US NFP remains the capstone to the week’s data. The Canadian Dollar settled into a holding pattern on Thursday as markets batten down the hatches ahead of Friday’s key labor data from both the US and Canada.
The pair is holding on the high side of a demand zone between 1.3630 and 1.3590, but topside momentum remains limited, keeping levels beyond 1.3700 out of reach. Daily candlesticks continue to tread water within touch range of the 50-day Exponential Moving Average at 1.3650. Directional momentum has receded ever since USD/CAD fell away from 2024’s peak bids at 1.3846, but long-term technicals still favor the bulls as the 200-day EMA rises into 1.
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