The Canadian Dollar (CAD) found some room on the high side on Thursday, adding to the week’s thin gains.
Canadian Dollar caught a bid on Thursday, but gains remain limited against USD. Canada sees better-than-expected recovery in unemployment claims. US Initial Jobless Claims fell, but less than expected; US PMIs loom ahead on Friday. The Canadian Dollar found some room on the high side on Thursday, adding to the week’s thin gains.
3700 handle, but momentum is tilting in favor of bears looking to push the Greenback lower against the Canadian Dollar. The pair is drifting steadily lower from a near-term supply zone above 1.3760, with eyes set on the recent swing low into 1.3680. Daily candles are on pace to make a return to technical support from a confluence in a rough rising trendline and the 50-day Exponential Moving Average at 1.3676, but a long-term price floor is baked in at the 200-day EMA rising into the 1.
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