Canadian Dollar sees thin action in quiet midweek market.

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• Canadian Dollar sees thin action in quiet midweek market.
• Canada brings strictly low-impact data for the rest of the week.
• CAD recovery supported by Crude Oil, but energy market hesitation limits gains.

The Canadian Dollar (CAD) churns on Wednesday as markets continue to digest Tuesday’s harsh shift in rate cut expectations after US inflation came in hotter than investors were hoping. Rate cut hopes have been pushed further out, propping up the US Dollar (USD) and keeping the Canadian Dollar pinned in the red by around three-quarters of a percent against the Greenback.

Canada sees low-tier economic data releases for the rest of the week, which are likely to be overshadowed by US data prints as investors find themselves at odds with the US economy. Rate cut hopes are pinned on US inflation cooling off at a much faster trajectory, as well as an overall decline in US economic health that has thus far failed to materialize.

The Canadian Dollar (CAD) is mixed to flat in Wednesday’s market action, seeing only scant gains against the US Dollar of around a tenth of a percent. The broader market bid the Australian Dollar (AUD) up four-tenths of a percent against the CAD, while the Loonie shed around a third of a percent against the New Zealand Dollar (NZD). The Canadian Dollar sees its strongest performance against the Pound Sterling (GBP), up around four-tenths of a percent, on Wednesday.

USD/CAD found some friction near 1.3550 after Tuesday’s surge over the 1.3500 handle, but buyers are struggling to shove the pair back into the 1.3600 level. The pair remains bolstered above the 200-day Simple Moving Average (SMA) at 1.3478 with Wednesday’s tentative low etched in near 1.3530.

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