Canadian Dollar ends win streak before it can fully begin
The Canadian Dollar lost ground on Wednesday, snapping a bullish recovery attempt.
Canada will be off the data docket until Friday’s Retail Sales print.
After two days of gains, the CAD fell back 0.1% against the Greenback.
The Canadian Dollar (CAD) is back to its losing ways, backsliding 0.1% against the Greenback on Wednesday. The Loonie has ended it’s near-term bullish recovery against the safe haven US Dollar during the midweek market session as the economic calendar remains low-impact on both sides of the USD/CAD pair.
Canada saw an uptick in Consumer Price Index (CPI) inflation figures this week, but the wind died down quickly and the Canadian Dollar is stuck near multi-year lows after USD/CAD pinged a 54-month high above 1.4100 last week. Thursday will remain a muted affair with very little of note on the data docket except for weekly US jobless claims figures, with USD/CAD traders trapped in a waiting period before Friday’s Purchasing Managers Index (PMI) prints for the US, as well as Canadian Retail Sales figures for September.
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