The Canadian Dollar (CAD) took a step higher on Tuesday, recovering near-term losses and climbing around one-third of one percent against the US Dollar (USD), Euro (EUR), and Japanese Yen (JPY) for the day. The CAD is firmly on pace to be Tuesday’s single best-performing currency among the major currencies.
USD/CAD has tumbled back below the 1.3700 handle after tapping a fresh near-term peak around 1.3755 this week. Intraday price action remains volatile, leaving plenty of churn on the chart. Daily candlesticks remain hung up on the 50-day Exponential Moving Average (EMA) at 1.3680. USD/CAD continues to trade north of the 200-day EMA at 1.3588, but bullish momentum has failed to chalk in fresh gains since peaking just shy of 1.3850 in April.
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