Canadian Dollar retreats after US morning session’s risk-off jitters. Canada GDP prints below expectations, erodes CAD further. US wage growth accelerates again, crimping rate cut hopes. The Canadian Dollar eased against the Greenback on Tuesday after the American market session kicked the day off with a risk-off push after US wages outpaced expectations. Investors are gearing up for the US Federal Reserve’s latest rate call, slated for Wednesday.
Pacific market weakness saw the CAD climb around four-tenths of a percent against the Antipodeans. USD/CAD broke into a fresh five-day high during Tuesday’s US market session, challenging the 1.3750 region as the pair bounces from a heavy supply zone between 1.3680 and 1.3630. Bids are still down from the last swing high into 1.3845, but buyers are pushing back into chart territory north of the 200-hour Exponential Moving Average at 1.3688.