The Canadian Dollar (CAD) shed further weight against the US Dollar (USD) on Friday as market participants readjust their Greenback exposure in quiet Friday trading.
The Canadian Dollar gives up further ground to the Greenback. Canada Retail Sales ease from previous figures but less than expected. Next week: Canada & US GDP figures to drive USD/CAD. The Canadian Dollar shed further weight against the US Dollar on Friday as market participants readjust their Greenback exposure in quiet Friday trading.
3620, and the pair has completely pared away the Greenback’s midweek plunge, climbing nearly 1.2% bottom-to-top from Thursday’s early bottom bids of 1.3451. Despite consolidation, USD/CAD is on pace to set fresh highs for 2024 north of 1.3613, the fresh high set early this week. USD/CAD continues to churn close to the 200-day Simple Moving Average near 1.3488, and bidders will be looking to price in a technical floor from the 1.3500 handle. On the downside, the last swing low into 1.
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