The Canadian Dollar (CAD) fell against all of its major currency peers on Thursday as an empty economic release calendar left CAD at the mercy of broader market forces.
The Canadian Dollar eased lower across the board on Thursday. Canada remains absent from the economic calendar this week. US CPI inflation contracted in June, sparking fresh rate cut bets. The Canadian Dollar fell against all of its major currency peers on Thursday as an empty economic release calendar left CAD at the mercy of broader market forces. US Consumer Price Index inflation eased faster than expected in June, reigniting investor expectations for an increased pace of rate cuts in 2024.
Short momentum could not keep up the pressure, and USD/CAD has rebounded from the 200-day Exponential Moving Average near the 1.3600 handle. Despite the intraday turnaround, the pair remains swamped out as USD/CAD grinds sideways in congestion that has mired the daily candlesticks since April.
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