CANADIAN DOLLAR GOES SIDEWAYS AFTER TUESDAY’S FED FIZZLE
- Canadian Dollar struggled to develop momentum with little of note on the docket.
- Canada is largely absent from the economic calendar this week.
- Fed Chair Powell stuck close to the usual script, giving investors little to work with.
The Canadian Dollar (CAD) found little reason to move in any particular direction on Monday with little meaningful data on the offering and a flubbed US Federal Reserve (Fed) appearance that gave markets nothing to work with.
The only economic datapoint from Canada this week will be May’s Building Permits to be released on Friday, but little market impact is expected. The CAD has pushed into the middle against the US Dollar (USD), and a lack of a meaningful release schedule on the Canadian side exposes the Canadian Dollar to broader market flows.
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