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The Canadian Dollar rose around half of a percent against the Greenback. Canada reports still disappointing housing price figures, but CAD rises anyway. Post-Fed rate cut landscape sees the Greenback broadly softer. The Canadian Dollar (CAD) found higher ground on Monday, clipping one-half of one percent above the Greenback as investors find firmer footing after the Federal Reserve (Fed) trimmed rate cuts for the first time in over four years last week. Canadian housing price figures missed the mark to kick off the new trading week, but the CAD found itself bolstered into the high end anyway as broader markets continue to squeeze the US Dollar lower. US data also came in mixed on Monday, helping to keep overall market momentum tepid. Daily digest market movers The Canadian Dollar rallied on Monday, bolstered by post-cut Fed environment. Canadian News Housing Price Index slumped to a 0.0% MoM print in August, easing back from the previous 0.2% and missing the expected 0.1% uptick. On an annualized basis, the Canadian New Housing Price Index also hit a flat 0.0%, down from the previous annualized period’s underperforming 0.1% YoY. US Purchasing Managers Index (PMI) figures for September went lopsided on median market forecasts, with the Manufacturing PMI backsliding to a 14-month low of 47.0. The Services PMI component also fell, but less than expected, pumping the brakes at 55.4. CAD traders will be keeping an eye out for Bank of Canada (BoC) Governor Tiff Macklem on Tuesday, who will be giving talking points at the International Finance and Canadian Bankers Association Canada Forum, in Toronto. Canadian Dollar price forecast The Canadian Dollar (CAD) found a fresh three-week high against the US Dollar (USD) on Monday, sending the USD/CAD pair tumbling back below 1.3550 as intraday price action scrambles to find a foothold as…

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Filed under: News - @ September 23, 2024 6:19 pm