- Canadian Dollar taking a breather amidst easy Friday markets.
- Canada is set for a long weekend and will return on Tuesday with CPI inflation.
- Fedspeak to dominate as investors await signs of Fed rate cuts.
The Canadian Dollar (CAD) is trading softly on a low-volatility Friday, sticking close to the midrange. CAD traders are geared up to knock off for a long weekend, and markets are treading water after a hectic week that saw broader markets kick up rate cut expectations from the Federal Reserve (Fed) after US Consumer Price Index (CPI) inflation growth eased to a three-month low in April.
Canada is set to release its latest CPI inflation update next Tuesday, and Canadian institutions will be shuttered on Monday in observance of Victoria Day. Fedspeak is set to continue dominating headlines as markets look for signs of rate cuts in the face of easing inflation figures that continue to drift toward the Fed’s 2% target range.
Daily digest market movers: Canadian Dollar close to flat as markets ease into weekend mode
- Foreign Portfolio Investment in Canada rose $14.37 billion in March, well above the forecast of $3.51 billion and scrubbing out the previous month’s $-4.28 billion decline, which was revised upwards from $-8.78 billion.
- US CPI inflation cooled this week, tipping markets further into rate cut hopes.
- CME’s FedWatch Tool shows rate traders are pricing in nearly 70% odds of at least a quarter-point cut in September.
- Next week brings a slew of appearances from Fed officials as policymakers from the US central bank head to the Financial Markets Conference hosted by the Federal Reserve Bank of Atlanta.
- Federal Open Market Committee’s (FOMC) latest Meeting Minutes will be released next week, and investors will be looking out for any signs of overly dovish language from Fed deliberations.
Canadian Dollar PRICE Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.05% | -0.30% | 0.12% | -0.07% | -0.21% | -0.23% | 0.16% | |
| EUR | 0.05% | -0.25% | 0.19% | -0.01% | -0.13% | -0.16% | 0.22% | |
| GBP | 0.30% | 0.25% | 0.44% | 0.26% | 0.12% | 0.08% | 0.46% | |
| JPY | -0.12% | -0.19% | -0.44% | -0.21% | -0.33% | -0.37% | 0.04% | |
| CAD | 0.07% | 0.00% | -0.26% | 0.21% | -0.13% | -0.15% | 0.24% | |
| AUD | 0.21% | 0.13% | -0.12% | 0.33% | 0.13% | -0.03% | 0.35% | |
| NZD | 0.23% | 0.16% | -0.08% | 0.37% | 0.15% | 0.03% | 0.41% | |
| CHF | -0.16% | -0.22% | -0.46% | -0.04% | -0.24% | -0.35% | -0.41% |
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 Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Technical analysis: Canadian Dollar middles on quiet Friday session
The Canadian Dollar (CAD) is treading water in familiar territory on Friday, trading within a quarter of a percent across the board. The CAD has gained around a quarter of a percent against the Swiss Franc (CHF) and is down around a quarter of a percent against the Pound Sterling (GBP).
USD/CAD is bidding firmly within recent technical levels with intraday trading stuck to a familiar support and resistance level at 1.3640. Price action remains pinned on the low side of the 200-hour Exponential Moving Average (EMA) at 1.364.
