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Canadian Dollar struggled to develop momentum with little of note on the docket. Canada is largely absent from the economic calendar this week. Fed Chair Powell stuck close to the usual script, giving investors little to work with. The Canadian Dollar (CAD) found little reason to move in any particular direction on Monday with little meaningful data on the offering and a flubbed US Federal Reserve (Fed) appearance that gave markets nothing to work with. The only economic datapoint from Canada this week will be May’s Building Permits to be released on Friday, but little market impact is expected. The CAD has pushed into the middle against the US Dollar (USD), and a lack of a meaningful release schedule on the Canadian side exposes the Canadian Dollar to broader market flows. Fed Chairman Jerome Powell gave the first half of his two-day testimony before US Congressional committees on Tuesday, delivering the Fed’s semiannual Monetary Policy Report to the Senate Committee on Banking, Housing, and Urban Affairs. Fed Chair Powell struck a familiar tone, sticking close to talking points that have been made before and highlighting the Fed’s willingness to wait as long as is necessary for inflation to ease towards the Fed’s 2% annual target. Investors, hoping for further signs of the Fed stepping towards interest rate cuts, interpreted the appearance as more hawkish than hoped, drawing risk appetite down and bolstering the Greenback. Fed Chair Powell will give the second half of the Fed’s Monetary Policy Report to the Congressional House Committee on Financial Services on Wednesday. No changes in rhetoric or new information are expected in the follow-up presentation heading into the midweek. Later in the week, June’s US Consumer Price Index (CPI) inflation is scheduled for Thursday, followed by Friday’s US Producer Price Index (PPI) wholesale inflation,…

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Filed under: News - @ July 10, 2024 1:18 am