Canadian Dollar pivots into high side on Thursday amid fresh risk appetite. Canada finds better-than-expected Current Account figures. US GDP growth cooled as expected, sparking fresh rate cut hopes. The Canadian Dollar is rebounding on Thursday, recovering ground previously lost in the midweek market session as broad market flows in the Greenback dictate overall market sentiment. Canadian trade balance numbers fell in the first quarter, but less than expected, helping to bolster the CAD.
3660 on Thursday in a quick turnaround from Wednesday’s peak near 1.3735. The pair is running into near-term technical resistance at the 200-hour Exponential Moving Average at 1.3670, with an intraday floor priced in at this week’s swing low into 1.3615. Daily candles continue to etch in a rough consolidation pattern, and USD/CAD is mired in a sideways grind near the 50-day EMA at 1.3646. Long-term technical support is coming from the 200-day EMA at 1.3557.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »