Canadian Dollar on weaker footing approaching the closing bell.

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• Canadian Dollar on weaker footing approaching the closing bell.
• Canada foreign investment barely moved the needle.
• US PPI numbers came in above expectations, hampering rate cut bets.

The Canadian Dollar (CAD) broadly stuck to the middle ground on Friday, finding little room in either direction against the majority of its major currency peers heading into the week’s closing bell.

Canada saw a beat in December’s Foreign Portfolio Investment in Canadian Securities, but overall markets saw attention drawn away for the US Producer Price Index (PPI), which printed above expectations. CAD traders will be looking forward to Canadian Consumer Price Index (CPI) inflation figures due next Tuesday, and rate-cut seekers will be keeping an eye out for the Federal Reserve’s (Fed) latest Meeting Minutes will be dropping on markets next Wednesday.

The Canadian Dollar (CAD) is stuck close to the midrange across the board on Friday, trading within a quarter of a percent against all of its major currency counterparts. The CAD rose about 0.15% against the Japanese Yen (JPY) and backslid about 0.20% against the Australian Dollar.

The USD/CAD continues to cycle the 200-hour Simple Moving Average (SMA) near 1.3490 as the pair gets hampered near the 1.3500 handle.

Rough chop on daily candlesticks leaves USD/CAD hamstrung on the 200-day SMA, and near-term swing lows continue to test back into recent consolidation. Despite halting progress, the pair is still up around 2.3% from December’s lows near 1.3175.

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