Canadian Dollar sees thin gains on quiet Monday as markets await US CPI inflation

Markets are trading on the thin side as investors await key inflation print. Canada has a lean schedule on the economic calendar this week. CAD is softly higher across the board on quiet Monday but stuck on USD. The Canadian Dollar had a mild recovery on a quiet Monday, trading into the green against most of its major currency peers as broader markets hunkered down and waited for a push from US Consumer Price Index inflation figures slated for Tuesday.

USD/CAD caught a late bounce last Friday from a familiar supply zone near 1.3440, but 1.3500 remains a tricky handle for the pair, halting a technical recovery into last week’s highs near 1.3600. Despite a steady grind of higher highs, USD/CAD continues to struggle with rough congestion in the midrange as the pair cycles a wide rising range. Monday’s rise and fall has USD/CAD hung up on the 200-day Simple Moving Average at 1.3477.

Source: Digital Coin News (digitalcoinnews.net)

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