- 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.
The Canadian Dollar is softening across the board on Wednesday, shedding weight as the safe haven Greenback catches a broad-market bid. 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.
Canada remains absent from the economic calendar on Wednesday, leaving CAD traders to look ahead to Thursday’s Canadian Current Account, which is expected to fall to -5.5 billion after climbing to a six-month high of -1.62 billion in the previous quarter. Canadian Q1 Gross Domestic Product will follow on Friday, and is expected to settle to 0.0% MoM versus 0.2%. However, Canadian data is expected to be overshadowed by US data releases, with US GDP on Thursday and Personal Consumption Expenditure (PCE) Price Index inflation on Friday.
Daily digest market movers: Canadian Dollar recedes again as risk appetite withers
- Markets are keeping one foot in safe havens as investors grapple with declining bid-to-cover ratios on US Treasuries this week.
- Broad-market support for the Greenback is sending the CAD lower, extending Tuesday’s turnaround.
- A 7-year note auction will draw plenty of attention in the middle of the US session.
- Markets could push further into risk-off sentiment if bid-to-cover falls below 2.44.
- Investors will also be looking out for US quarterly GDP and PCE inflation in the latter half of the trading week.
- US Q1 GDP is expected to ease to 1.3% versus the previous 1.6%, while Core PCE inflation is expected to hold flat at 0.3% MoM.
Canadian Dollar PRICE Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the weakest against the US Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.50% | 0.47% | 0.32% | 0.51% | 0.53% | 0.38% | 0.10% | |
| EUR | -0.50% | -0.04% | -0.19% | 0.03% | 0.04% | -0.11% | -0.39% | |
| GBP | -0.47% | 0.04% | -0.14% | 0.03% | 0.05% | -0.07% | -0.36% | |
| JPY | -0.32% | 0.19% | 0.14% | 0.18% | 0.21% | 0.13% | -0.22% | |
| CAD | -0.51% | -0.03% | -0.03% | -0.18% | 0.03% | -0.11% | -0.41% | |
| AUD | -0.53% | -0.04% | -0.05% | -0.21% | -0.03% | -0.14% | -0.40% | |
| NZD | -0.38% | 0.11% | 0.07% | -0.13% | 0.11% | 0.14% | -0.30% | |
| CHF | -0.10% | 0.39% | 0.36% | 0.22% | 0.41% | 0.40% | 0.30% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Technical analysis: Canadian Dollar finds room on the downside
The Canadian Dollar is weakening across the board on Wednesday, struggling to hold flat against the Australian Dollar (AUD) and shedding weight against all other major currency peers. The CAD is steeply lower against the US Dollar, sliding nearly half of a percent.
USD/CAD is sharply higher in the near-term, climbing nearly 0.7% from the last swing low below 1.3620. 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 (EMA) at 1.3674, but long-term bullish momentum is limited as USD/CAD remains down from the year’s peak bids near 1.3850.
