Canadian Dollar firms up against Greenback on Friday
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The Canadian Dollar was broadly softer, but gained against USD on Friday. Canada is due to release its latest CPI inflation update next week. US consumer sentiment ticked higher in August, sparking an uptick in risk appetite. The Canadian Dollar (CAD) was overall softer on Friday, shedding weight across the currency board, but still found gains against the risk-appetite-weakened Greenback to wrap up the trading week. Broad-market risk sentiment improved further on Friday as upbeat US data prints help to temper recent investor fears of a US recession. Canada will be bringing its latest round of inflation data next Tuesday, and CAD traders will be looking for stable prints in Canadian Consumer Price Index (CPI) figures to keep sentiment on-balance. Daily digest market movers: CAD soft on Friday, but Greenback softer Markets focused squarely on US consumer sentiment figures on Friday, finding one last reason to hit the short button on Greenback flows. The University of Michigan’s Consumer Sentiment Index rose to 67.8 in August, up from the previous 66.4. Market sentiment lurched higher after the sentiment index handily beat the forecast of 66.9. Consumer 5-year Inflation Expectations and held steady at 3.0% in August, unchanged from the previous month. The Jackson Hole Symposium begins next Thursday, plenty of central bank policymaker appearances are expected. Canadian Dollar price forecast: Greenback slide gives CAD fresh leg into near-term highs The Canadian Dollar (CAD) found room up top thanks to a weakening Greenback on Friday, climbing into a three-week high and sending USD/CAD below the 1.3700 handle. The pair found a technical rejection from the 50-day Exponential Moving Average (EMA) at 1.3728, with price action hamstrung in the midrange between the 50-day EMA and the 200-day EMA at 1.3634. USD/CAD daily chart Canadian Dollar FAQs The key factors driving the Canadian Dollar…
Filed under: News - @ August 17, 2024 4:25 pm