Canadian Dollar churns within near-term ranges.

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• Canadian Dollar churns within near-term ranges.
• Canada sees an empty data docket for Thursday.
• Friday to wrap up the week with Canadian Retail Sales, US Michigan Consumer Sentiment.

The Canadian Dollar (CAD) pivots around familiar levels on Thursday as broad-market flows take the driver’s seat in the back half of the trading week. The Canadian Dollar is broadly higher on the week but is still down against the outperforming US Dollar (USD) from Monday’s opening bids.

Canada will see Retail Sales figures from November on Friday, to be closely followed by the US Consumer Sentiment Index from the University of Michigan.

The Canadian Dollar (CAD) is getting bolstered by declines in the Euro (EUR and the Swiss Franc (CHF), up around 0.25% and 0.4%, respectively. The Loonie is relatively flat across the rest of the major currency board, within a fifth of a percent of the US Dollar, Pound Sterling (GBP), Australian Dollar (AUD), and the Japanese Yen (JPY).

The US Dollar saw an early rise on Thursday, dragging the USD/CAD toward 1.3530 before markets balked on momentum and pulled back into the midrange, leaving the pair stuck in intraday consolidation near 1.3500.

After a 2.4% recovery from December’s bottom near 1.3177 the USD/CAD is facing a congestion zone as the 50-day and 200-day Simple Moving Averages (SMA) consolidate near 1.3500.

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