The Canadian Dollar is broadly mixed on the day but slides against US Dollar.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• The Canadian Dollar is broadly mixed on the day but slides against US Dollar.
• Bank of Canada Business Outlook Survey shows further declines in sentiment.
• Canada CPI inflation is due out Tuesday.
• Canada CPI Preview: Forecasts from five major banks

The Canadian Dollar (CAD) is mixed against its major currency peers on Monday but shed weight against the US Dollar (USD) with market volumes thinned out by a US market holiday.

Canada Wholesale & Manufacturing Sales data beat expectations but is still recovering from recent slumps. The Bank of Canada’s (BoC) Business Outlook Survey also showed that business sentiment soured at an accelerated pace in the fourth quarter of 2023, and investors will look ahead to Tuesday’s Canadian Consumer Price Index (CPI) inflation, which is expected to tick slightly higher YoY.

The Canadian Dollar (CAD) sees some gains against the Pacific currency bloc, gaining around four-tenths of a percent against the New Zealand Kiwi (NZD) and about a quarter of a percent against the Australian Dollar (AUD) and the Japanese Yen (JPY). The CAD is down about a quarter of a percent against the Pound Sterling, and in the red about a fifth of a percent against both the US Dollar and the Euro (EUR).

With the US Dollar broadly higher on Monday, the USD/CAD pair is retesting into the 1.3440 region, taking a run at setting a new high for 2024 as the Canadian Dollar continues to shed weight in choppy trading against the USD.

The USD/CAD is now up 2% from December’s swing low into 1.3177, and ongoing bullish momentum has the pair running straight into a technical ceiling at the 200-day Simple Moving Average (SMA) just below the 1.3500 handle.

[/s2If]

The NEHCAP currently runs the following trading systems for clients. They can be bought and run on your funds.

The system is trading live: LIVE ACCOUNT TRACKING
Contact Us: Contact
The HFT_FIX can be run free for 2 weeks on any broker with a ECN. Apply for a free trial
Join Our Telegram Group