Canadian Dollar recovers in back half of trading week.

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• Canadian Dollar recovers in back half of trading week.
• Canada has wrapped up the economic calendar until next week’s GDP print.
• Crude Oil’s climb bolsters CAD, but Loonie still down on week.

The Canadian Dollar (CAD) found some bidders on Thursday even as the US Dollar Index (DXY) saw a recovery after US Gross Domestic Product (GDP) figures bolstered the broader market.

Canada wrapped up its presence on the economic calendar’s data docket this week after Wednesday’s rate statement from the Bank of Canada (BoC). Canadian Dollar traders will be waiting until Canadian GDP figures are due next Wednesday, while Canadian Purchasing Managers Index (PMI) figures are slated for next Thursday.

The Canadian Dollar (CAD) is broadly higher on Thursday, finding some room in the green on the back of rising Crude Oil markets. The CAD is up around three-quarters of a percent against the Swiss Franc (CHF), the market’s single worst-performing currency on Thursday. The Loonie gains two-thirds of a percent against the Euro (EUR) and a third of a percent against the Pound Sterling (GBP).

The Canadian Dollar kicked off Thursday’s trading session by testing 1.3530 against the US Dollar (USD) before catching a ride and sending the USD/CAD back into the 1.3500 handle.

The USD/CAD is getting dragged into a technical congestion pattern on the daily candles as the 50-day and 200-day Simple Moving Averages (SMA) consolidate near 1.3500.

The pair is still up around 2.5% from December’s low of 1.3177, but it will take significant bidding pressure to force the pair into the high side of the bearish crossover of the 50-day and 200-day SMAs.

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