The Canadian Dollar (CAD) is broadly mixed on Tuesday as CAD traders find their focus pulled elsewhere.
Canadian Dollar churns as market focus gets pulled elsewhere. Canada remains absent from the economic calendar until Wednesday. Mid-week release of the BoC’s Summary of Deliberations on the cards. The Canadian Dollar is broadly mixed on Tuesday as CAD traders find their focus pulled elsewhere. A data-light week has sent the Canadian Dollar adrift, giving a mixed performance against the major currencies board.
Near-term momentum remains hung up on median bids at the 200-hour Exponential Moving Average at 1.3730. Despite holding in bullish territory above the 50-day EMA at 1.3674, daily candlesticks remain sluggish, trading on the low side of last week’s peak bids near 1.3790. Bullish momentum has drained out of USD/CAD, and bidders may be primed for a fallback to rising technical support below the 1.3700 handle.
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