The Canadian Dollar (CAD) slipped on Wednesday as broader market sentiment weakened.
Canadian Dollar is broadly softer as CAD loses defensive posture. Canada brings only low-tier data until Friday’s Retail Sales. US Home Sales disappoint, Fitch warns of sticky inflation. The Canadian Dollar slipped on Wednesday as broader market sentiment weakened. This dragged the CAD lower and sent bids into the US Dollar . The Canadian Dollar fell to its lowest price against the Greenback in a week, setting up the USD for its third consecutive gain against the CAD.
3640 level remains a key technical barrier, and buyers will be looking to launch another leg higher if bids fall back to the middle zone. Daily candles continue to hold on the north side of the 200-day EMA at 1.2550, keeping the Greenback’s bullish stance against the Canadian Dollar.
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