The Canadian Dollar (CAD) was broadly higher on Monday, climbing four-tenths of a percent against the Pound Sterling (GBP) and about a third of a percent against the Australian Dollar (AUD). However, the CAD remains close to flat against the USD and the Japanese Yen (JPY).
USD/CAD caught a late bounce last Friday from a familiar supply zone near 1.3440, but 1.3500 remains a tricky handle for the pair, halting a technical recovery into last week’s highs near 1.3600. Despite a steady grind of higher highs, USD/CAD continues to struggle with rough congestion in the midrange as the pair cycles a wide rising range.
Monday’s rise and fall has USD/CAD hung up on the 200-day Simple Moving Average (SMA) at 1.3477. The pair continues to trade into the middle of a rough range since rising into the 1.3500 region in January. A downside break into 1.3400 opens the Loonie to further declines toward late 2023’s lows near 1.3200, while the immediate near-term ceiling sits at the 1.3600 handle.
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