The Canadian Dollar (CAD) pared back recent gains against the US Dollar (USD) on Thursday, shedding a quarter of a percent against the USD as market flows pull back to safety and bolster the Greenback.
Canadian Dollar sheds -0.20% against USD as price action rebounds. Canada remains absent from the economic calendar on Thursday. BoC Governor Macklem due to speak at event, policy comments expected. The Canadian Dollar pared back recent gains against the US Dollar on Thursday, shedding a quarter of a percent against the USD as market flows pull back to safety and bolster the Greenback. US economic data broadly printed worse than expected on Thursday, driving investors back into safe havens.
Bidders are making a fresh push to try and recapture the 1.3800 handle, while short positions will accumulate in an attempt to drag USD/CAD back down to the 50-day Exponential Moving Average at 1.3668.
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