The Canadian Dollar (CAD) is broadly softer on Wednesday, paring back recent gains and falling back against all of its major currency peers as the single worst-performing currency for the mid-week market session.
Canadian Dollar recedes across the board on Wednesday. Canada Retail Sales broadly miss the mark, hurting Loonie. US GDP, PCE inflation to dominate the latter half of the trading week. The Canadian Dollar is broadly softer on Wednesday, paring back recent gains and falling back against all of its major currency peers as the single worst-performing currency for the mid-week market session.
The pair bounced off the 1.3660 level to pare away Tuesday’s declines. Wednesday’s pullback sends the USD/CAD into its first green trading day after five consecutive losing days. The pair is still down from the last swing high into 1.3850, and long-term technical support from the 200-day EMA rests near the 1.3500 handle at 1.3522.
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