- Canadian Dollar sheds -0.20% against USD as price action rebounds.
- Canada remains absent from the economic calendar on Thursday.
- Risk-off market flows keep the CAD pinned as Greenback bids rebound.
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. US economic data broadly printed worse than expected on Thursday, driving investors back into safe havens.
Canada brings strictly low-tier economic calendar events this week, leaving CAD flows at the mercy of broader market sentiment. Bank of Canada (BoC) Governor Tiff Macklem spoke at an event on Thursday, but avoided giving any updates on the Canadian central bank’s policy stance.
Daily digest market movers: Greenback flows reverse bullish CAD momentum
- US data missed expectations across the board on Thursday, sparking moderate safe haven bids.
- US Initial Jobless Claims for the week ended June 7 jumped to 242K, above the forecast 225K and the previous week’s 229K.
- US Producer Price Index (PPI) in May contracted -0.2%, missing the forecast of 0.1% and declining further from the previous 0.5%.
- Core US PPI (PPI excluding volatile food and energy prices) ticked down to 2.3% YoY versus the forecast hold at 2.4%.
- BoC Governor Macklem participated in a fireside chat at the Bank of International Settlements’ Innovation Hub Center in Toronto. A non-starter event for CAD traders, BoC Gov Macklem didn’t approach any policy subjects.
Canadian Dollar PRICE Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Euro.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.60% | 0.39% | 0.06% | 0.26% | 0.53% | 0.38% | -0.02% | |
| EUR | -0.60% | -0.20% | -0.52% | -0.34% | -0.07% | -0.22% | -0.61% | |
| GBP | -0.39% | 0.20% | -0.32% | -0.13% | 0.15% | -0.03% | -0.40% | |
| JPY | -0.06% | 0.52% | 0.32% | 0.19% | 0.47% | 0.28% | -0.08% | |
| CAD | -0.26% | 0.34% | 0.13% | -0.19% | 0.27% | 0.12% | -0.26% | |
| AUD | -0.53% | 0.07% | -0.15% | -0.47% | -0.27% | -0.17% | -0.55% | |
| NZD | -0.38% | 0.22% | 0.03% | -0.28% | -0.12% | 0.17% | -0.37% | |
| CHF | 0.02% | 0.61% | 0.40% | 0.08% | 0.26% | 0.55% | 0.37% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Technical analysis: CAD walks back gains against Greenback, but remains mixed overall
The Canadian Dollar (CAD) is mixed overall on Thursday, shedding weight against the US Dollar but gaining ground against the Euro (EUR). The CAD is down a third of a percent against the Swiss Franc (CHF), but gained three-tenths of one percent against the Euro, Thursday’s worst-performing major currency.
USD/CAD has risen above 1.3750 as the Greenback climbs over the CAD, dragging the pair higher but still falling on the short side of the week’s peak bids near 1.3790. 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 (EMA) at 1.3668.
USD/CAD hourly chart
USD/CAD daily chart
Economic Indicator
BoC Summary of Deliberations
The Bank of Canada (BoC) publishes the Summary of Deliberations from its Governing Council about two weeks after its Interest Rate Decision meeting. The document provides insights into the BoC officials’ discussions about their monetary policy decisions. The BoC started publishing this document in 2023. Despite its delayed publication, it can have some impact on the Canadian Dollar.
Next release: Wed Jun 19, 2024 17:30
Frequency: Irregular
Consensus: –
Previous: –
Source: Bank of Canada
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- Source: https://www.fxstreet.com/news/canadian-dollar-pares-away-gains-on-thursday-202406131621
