Canadian Dollar Gains on US PMI Miss, Anticipation of Fed Rate Cuts

The Canadian Dollar (CAD) strengthens against the US Dollar (USD) after softer-than-expected US PMI figures fuel expectations for an earlier-than-anticipated pivot to rate cuts by

The Canadian Dollar (CAD) strengthens against the US Dollar (USD) after softer-than-expected US PMI figures fuel expectations for an earlier-than-anticipated pivot to rate cuts by the Federal Reserve (Fed).

Key Factors:

US PMI Miss: Weakening US economic activity raises hopes for a less aggressive Fed stance, putting pressure on the USD.
Upcoming Data: Focus shifts to Thursday’s US GDP data and Friday’s PCE Price Index release, further influencing rate cut expectations and CAD/USD dynamics.

Canadian Dollar Technical Analysis:

CAD Poised for Gains: Recent declines in USD/CAD point to potential further strength for the CAD.
Key Support Zone: Prices approach a significant support zone near 1.3600, offering potential buying opportunities on dips.
200-day EMA: The major support level at the 200-day EMA (near 1.3500) highlights the longer-term bullish bias.
Resistance Level: A resurgence in USD buying could push USD/CAD back toward the recent swing high near 1.3850.

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