The post Canadian Dollar tests fresh seven-month highs amid quiet start to the week appeared on BitcoinEthereumNews.com.

The Canadian Dollar tested new seven-month peaks against the US Dollar on Monday. A quiet start to the trading week thanks to the US holiday. Key Canadian GDP figures loom ahead, CAD traders braced for growth slump. The Canadian Dollar (CAD) kicked off the new trading week on a high note, kicking into fresh seven-month highs against the US Dollar (USD) and driving USD/CAD down into the 1.3700 handle for the first time since mid-October. However, bullish Loonie momentum remained constrained with US markets shuttered for the Memorial Day long weekend, and the CAD settled back within last week’s closing range. Canadian Gross Domestic Product (GDP) growth data will be dropping, quite literally, later this week. CAD markets are broadly bracing for a sharp decline in annualized Canadian GDP growth, with economists expecting that the Canadian economy has already begun to fall into a recession. Daily digest market movers: Canadian tests cautiously higher ahead of key GDP figures this week Holiday-thinned markets cause the Loonie to jitter on Monday, but Loonie strength hit a low-volume wall, limiting upside potential. US session market flows are largely dark on an extended long weekend. Canadian GDP is expected to tumble to 1.6% from 2.6% during the first quarter. The Canadian Unemployment Rate is expected to rise once again. USD traders will be on the lookout for key US GDP and inflation figures this week, as well as the Federal Reserve’s (Fed) latest Meeting Minutes, due on Wednesday. Canadian Dollar price forecast Despite a quick shove into a new seven-month high during early Monday trading, USD/CAD has pushed back into the midrange following a technical rejection of 1.3700. USD/CAD continues to trade on the south side of the 200-day Exponential Moving Average (EMA) near 1.4020. Despite fresh highs bolstering the Loonie, USD/CAD is poised…

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Filed under: News - @ May 26, 2025 6:23 pm