Canadian Dollar finds some room against the USD post-PCE print.

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• Canadian Dollar finds some room against the USD post-PCE print.
• Canada absent from the economic calendar until next Wednesday.
• Market focus to pivot toward upcoming Fed rate call.

The Canadian Dollar (CAD) found some space on Friday, bolstered by climbing Crude Oil markets and clawing back some of the week’s losses. The US Dollar Index (DXY) broadly fell early Friday ahead of US Personal Consumption Expenditure (PCE) figures, and the DXY saw a choppy recovery after the annualized Core PCE Price Index slid more than expected.

Canada is absent on the economic calendar until next Wednesday’s Canadian Gross Domestic Product (GDP) print, but effects are likely to be muted with broader markets focused on next week’s US Federal Reserve rate call and monetary policy statement.

The Canadian Dollar (CAD) found some room heading into the closing bell, gaining a third of a percent against the Japanese Yen (JPY) and around a quarter of a percent against the New Zealand Dollar (NZD). The CAD is flat on the day against the Euro (EUR) and shed a quarter of a percent against the rebounding Swiss Franc (CHF).

The Canadian Dollar pushed back against the US Dollar on Friday as USD/CAD fell to an intraday low of 1.3414, but a broad-market Greenback recovery pulled the pair back into the 1.3450 region.

The USD/CAD’s near-term decline from the week’s peak near 1.3530 saw the pair slide around 0.9% peak-to-trough, and the pair is now recovering toward the 200-hour Simple Moving Average (SMA) near 1.3480. On the top end, an intraday technical resistance zone is priced in around 1.3490.

A halting Friday decline leaves USD/CAD at risk of slumping back into a near-term congestion zone as the 50-day and 200-day SMAs consolidate into a technical swamp near the 1.3500 term.

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