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The Canadian Dollar stuck to familiar levels on Monday. Data from Canada remains thin throughout the trading week. US inflation data will dominate this week, as will trade war headlines. The Canadian Dollar (CAD) stuck to familiar technical levels on Monday, grinding sideways within a familiar range against the Greenback. Momentum supporting the Loonie has evaporated, leaving the CAD to continue struggling against markets that are splitting the difference between risk-off and risk-on sentiment, leaving USD/CAD strung along the midrange. Canada is almost entirely absent from the economic data docket this week. Markets will largely be focused on an appearance from Federal Reserve (Fed) Chair Jerome Powell, US Consumer Price Index (CPI) inflation, and US Producer Price Index (PPI) inflation, in that order, beginning on Tuesday and running through the midweek. Daily digest market movers: Canadian Dollar trudges along familiar groove The Canadian Dollar is mostly treading water against the US Dollar, holding tight to recent technical levels. Fed Chair Powell’s first Senate testimony since Donald Trump returned to the White House is due on Tuesday. US inflation data will be the key prints this week; US Consumer Price Index (CPI) inflation is due on Wednesday, followed by US Producer Price Index (PPI) inflation on Thursday. Backdated Canadian Building Permits figures from December are due on Tuesday, and although the figure is forecast to recover from November’s contraction, the figures are exceedingly out of date and of little matter to front-end markets. USD/CAD is doomed to continue swirling around a rough lateral channel. Canadian Dollar price forecast The Canadian Dollar has slowed down after a tense tumble and bounce from multi-decade lows in recent weeks. USD/CAD surged into the 1.4800 handle for the first time since the early aughts, but the pair’s recovery only dragged bids back into familiar technical levels…

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Filed under: News - @ February 10, 2025 11:16 pm