The Canadian Dollar (CAD) largely churned in familiar territory on Monday, trading softly against the US Dollar (USD) as markets recovered from last Friday’s US jobs data glut.
Canadian Dollar flows mostly stuck in place on Monday, limiting price momentum. Canada has a strictly low-tier showing on the economic calendar this week. Markets to keep an eye out for Fed Chair Powell’s Monetary Policy Report. The Canadian Dollar largely churned in familiar territory on Monday, trading softly against the US Dollar as markets recovered from last Friday’s US jobs data glut.
Last Friday’s NFP-fueled bounce in USD/CAD has run aground of low-volume rocks, and the pair’s recovery from just north of 1.3600 remains within arm’s reach of fresh lows. Further downside is still on the cards if Greenback bulls cannot muscle the pair back above the 200-hour Exponential Moving Average at 1.3660.
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