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The Canadian Dollar is continuing to decline, down 1% for the week. Traders will be watching for Canada’s GDP figures next Tuesday. Additionally, crude oil prices are also down for the week, which is further weakening the CAD. The CAD is facing its fourth consecutive day of losses as traders struggle to find reasons to support the currency. Next week will bring more economic data from the US, including the Federal Reserve’s rate call on Wednesday and US Non-Farm Payrolls on Friday, which coincides with Canadian wages and employment figures. Overall, the CAD is facing challenges and uncertainty in the market.
Market Movers: The Canadian Dollar is continuing to slide, with a 1.5% decrease against the USD this week. Friday marks the fourth day of losses for the CAD as markets favor the USD. The Bank of Canada (BoC) is facing challenges as inflation risks increase and Canadian economic growth falters. The upcoming GDP reading on Tuesday will be crucial for CAD traders and could potentially worsen Canada’s technical recession. Despite the risks, the BoC is willing to raise rates if necessary. The week will conclude with the release of US Non-Farm Payrolls, which will further impact the CAD.
Technical Analysis: The USD/CAD pair is reaching a 12-month high, heading towards the 1.3900 level. Currently trading near 1.3870, one final push would allow the pair to reclaim a price level not seen since October 2022. There is a support zone from 1.3600 to 1.3650, along with the 50-day Simple Moving Average (SMA) at 1.3600, providing additional support. Further support comes from the bullish 200-day SMA, which is rising towards 1.3500. The USD/CAD has increased nearly 6% from its lowest point in 2023 at 1.3092.
US Dollar Price Today:
The table below shows the percentage change of the US Dollar (USD) against major currencies today. The USD has strengthened against the Canadian Dollar (CAD).
USD -0.13%
EUR 0.15%
GBP -0.10%
CAD -0.47%
AUD 0.02%
JPY 0.46%
NZD -0.29%
CHF -0.38%
