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Canadian Dollar adds to losses on thin Wednesday as Greenback rebounds

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The Canadian Dollar is softening across the board on Wednesday, shedding weight as the safe haven Greenback catches a broad-market bid.

Canadian Dollar broadly lower as Treasury yields bolster US Dollar bids. Canada absent from the economic calendar on Wednesday, Canadian Current Account, GDP update due later this week. Lackluster bid-to-cover ratios in a US Treasury auction on Tuesday is trimming market sentiment heading into the midweek, keeping risk appetite on the low side.

Whipsaws are populating the intraday charts as choppy trading weighs on the pair, and lower highs will crimp topside momentum beyond 1.3740. Daily candles are pricing in a technical rebound from the 50-day Exponential Moving Average at 1.3674, but long-term bullish momentum is limited as USD/CAD remains down from the year’s peak bids near 1.3850.

 

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