The Canadian Dollar (CAD) was broadly softer on Tuesday but stuck close to near-term technical levels as CAD markets shrugged off better-than-expected Ivey Purchasing Managers Index (PMI) figures from Canada.
Canadian Dollar easing but sticking to midrange. Canada Ivey PMI beat expectations in April. CAD markets wait for Friday’s Canadian labor data. The Canadian Dollar was broadly softer on Tuesday but stuck close to near-term technical levels as CAD markets shrugged off better-than-expected Ivey Purchasing Managers Index figures from Canada. Markets await soundbites from Federal Reserve policymakers as investors broadly focus on the Fed’s rate cut outlook.
3697, and the Canadian Dollar has leaked away most of the gains found after last Friday’s US Nonfarm Payrolls print dragged the pair down to 1.3610. Daily candlesticks show USD/CAD finding near-term technical support from the 50-day EMA at 1.3629, with long-term bullish pressure from the 200-day EMA at 1.3552. The pair is still down from mid-April’s peak near 1.3850, but USD/CAD is still trading higher for the year, up 3.4% from January’s opening bids near 1.3250.
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