The Canadian Dollar (CAD) backslid once again on Thursday, piling on further weakness and dipping to 30-week lows.
Canadian Dollar broadly weaker, loses ground across board. Canada brings little meaningful data to the table. CAD traders forced to wait until Friday’s Retail Sales. The Canadian Dollar backslid once again on Thursday, piling on further weakness and dipping to 30-week lows. A lack of meaningful Canadian economic data is giving the CAD little support, and markets are focusing on an upside surprise in US Purchasing Managers Index figures in May.
Four of the last five daily candles have closed in the green. USD/CAD is extending a bullish rebound from the 1.3600 handle as the pair rises further from the 200-day Exponential Moving Average at 1.3551. However, the pair still remains down from the last major swing high into 1.2850 in mid-April.
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