The Canadian Dollar (CAD) stepped higher against the US Dollar (USD) after US Purchasing Managers Index (PMI) figures came in softer than expected. Easing US economic activity figures are feeding into market hopes that the US domestic economy will soften enough to encourage the US Federal Reserve (Fed) to move sooner on rate cuts.
Canada releases its latest Retail Sales figures on Wednesday, but the broader market focus will be on the US Gross Domestic Product (GDP) figures due on Thursday. The US Personal Consumption Expenditure (PCE) Price Index will print on Friday.
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the US Dollar.
USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
USD | -0.49% | -0.82% | -0.28% | -0.60% | -0.05% | -0.38% | -0.10% | |
EUR | 0.47% | -0.35% | 0.21% | -0.10% | 0.43% | 0.12% | 0.36% | |
GBP | 0.82% | 0.34% | 0.55% | 0.24% | 0.78% | 0.46% | 0.72% | |
CAD | 0.28% | -0.21% | -0.55% | -0.30% | 0.22% | -0.09% | 0.18% | |
AUD | 0.59% | 0.10% | -0.25% | 0.29% | 0.54% | 0.22% | 0.46% | |
JPY | 0.05% | -0.43% | -0.79% | -0.23% | -0.55% | -0.31% | -0.05% | |
NZD | 0.37% | -0.12% | -0.47% | 0.09% | -0.22% | 0.31% | 0.25% | |
CHF | 0.11% | -0.36% | -0.73% | -0.18% | -0.46% | 0.06% | -0.26% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
The Canadian Dollar was mixed on Tuesday, gaining around a third of a percent against the US Dollar and a quarter of a percent against the Japanese Yen (JPY). On the downside, the CAD has shed half a percent against the Pound Sterling (GBP).
The USD/CAD slipped below the 1.3700 handle as the Greenback backslides against the Canadian Dollar. The pair hit an intraday support zone near 1.3660, and further down is approaching a significant demand zone near 1.3600. With Tuesday’s downside momentum, the pair is on pace to close in the red for a fifth consecutive trading day.
Major support is currently priced at the 200-day Exponential Moving Average (EMA) just north of the 1.3500 handle. A resurgence of US Dollar buying could drag the USD/CAD back up to the last swing high near 1.3850.