Canadian Dollar pares back recent gains, but price action remains nearby.

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• Canadian Dollar pares back recent gains, but price action remains nearby.
• Canada sees GDP figures on Wednesday, Manufacturing PMI on Thursday.
• US JOLTS beat trims rate cut bets ahead of Wednesday’s FOMC policy statement.

The Canadian Dollar (CAD) shed some points on Tuesday after a moderate data-beat for December’s US JOLTS Job Openings pushed investors back into the US Dollar (USD).

Canada brings November’s Gross Domestic Product (GDP) figures on Wednesday, which will be followed by the Canadian S&P Global Manufacturing Purchasing Managers Index (PMI) data on Thursday.

The broad market focus this week continues to be Wednesday’s US Federal Reserve (Fed) rate call. Friday brings another print for the US Nonfarm Payrolls (NFP).

The Canadian Dollar (CAD) is moderating on Tuesday, gaining a quarter to a third of a percent against the Pound Sterling (GBP) and the Australian Dollar (AUD), while declining around a sixth of a percent against the US Dollar and the Euro.

The USD/CAD tested into the low side at the 1.3400 handle early Tuesday before a Greenback rally made up for near-term losses as USD/CAD splashes around the familiar 1.3430 level.

USD/CAD continues to drift into the low side as the pair grapples with a bearish crossover of the 50-day and 200-day Simple Moving Averages (SMA), pricing in a near-term technical ceiling near the 1.3500 handle.

A continued drag down will see the USD/CAD crack through 1.3400 to make a fresh run at the last swing low near December’s bottom bid of 1.3177.

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