Canadian Dollar catches a break from selling pressure on Wednesday
The Canadian Dollar caught a slight bid after getting pushed into multi-year lows.
Canada remains absent from the economic calendar until Friday.
Incoming US Thanksgiving holiday to compress market volumes this week.
The Canadian Dollar (CAD) caught a much-needed bid on Wednesday, clawing back a sliver of recently-lost ground after the Loonie was pushed into multi-year lows by a correlated decline in Crude Oil prices earlier in the week. Investors eased up from broad-market Greenback bidding, taking USD/CAD back down toward the 1.4000 handle.
Canada has been functionally absent from the economic calendar this week, with no meaningful data releases on the radar until Friday’s Canadian quarterly Gross Domestic Product (GDP) update. US data broadly hit expectations on Wednesday, keeping market sentiment roughly on-balance and giving the Canadian Dollar some breathing room as Greenback bidding eases.
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