Canadian Dollar Gains Limited by USD Resurgence

Absolutely! Here’s a tighter version of your Canadian Dollar analysis focusing on the impact of USD strength and technical outlook: Canadian Dollar Gains Limited by

Absolutely! Here’s a tighter version of your Canadian Dollar analysis focusing on the impact of USD strength and technical outlook:

Canadian Dollar Gains Limited by USD Resurgence

The Canadian Dollar (CAD) broadly gained on Thursday but couldn’t match the resurgent US Dollar’s (USD) pace. The USD recovered post-Fed decision, driving most currencies lower.

Key Factors:

USD Rebound: Renewed USD buying after the midweek Fed-related decline limits the CAD’s advance.
Canadian Data Anticipation: Investors await Friday’s Canadian Retail Sales figures for further insights into economic health.
USD/CAD Outlook: The pair bounced off the 1.3460 region but faces technical resistance around the 1.3500 handle.

Technical Outlook:

Rejection and Rangebound Pattern: USD/CAD rebounded from the 200-day Simple Moving Average (SMA) at 1.3485, suggesting a continuation of the rangebound trading pattern in the near term.

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