CANADIAN DOLLAR FINDS FURTHER ROOM AGAINST GREENBACK DESPITE OVERALL SOFT TONE
- The Canadian Dollar eased back on Tuesday, but the US Dollar fell faster.
- Canada remains data-light until Friday’s GDP print.
- Markets are hunkering down until Friday’s US PCE inflation figures.
The Canadian Dollar (CAD) traded with a broadly softer tone on Tuesday, easing back against the majority of its major currency peers, but still found room to move higher against the US Dollar (USD). The Greenback floundered across the board heading into the midweek, dipping into the red and helping to send USD/CAD into a third straight down day.
Canada remains mostly absent from the economic calendar this week until Friday’s Gross Domestic Product (GDP) update for the second quarter. Annualized Q2 GDP is expected to tick down to 1.6% from 1.7%, but markets are likely to be focused entirely on US Personal Consumption Expenditure - Price Index (PCE), which are due to print in the same release window.
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