Canadian Dollar broadly lower as Treasury yields bolster US Dollar bids.
Canada absent from the economic calendar on Wednesday,
Canadian Current Account, GDP update due later this week.
The Canadian Dollar is softening across the board on Wednesday, shedding weight as the safe haven Greenback catches a broad-market bid. Lackluster bid-to-cover ratios in a US Treasury auction on Tuesday is trimming market sentiment heading into the midweek, keeping risk appetite on the low side.
Canada remains absent from the economic calendar on Wednesday, leaving CAD traders to look ahead to Thursday’s Canadian Current Account, which is expected to fall to -5.5 billion after climbing to a six-month high of -1.62 billion in the previous quarter. Canadian Q1 Gross Domestic Product will follow on Friday, and is expected to settle to 0.0% MoM versus 0.2%. However, Canadian data is expected to be overshadowed by US data releases, with US GDP on Thursday and Personal Consumption Expenditure (PCE) Price Index inflation on Friday.
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