The Canadian Dollar (CAD) is gaining ground across the board on Thursday, climbing nearly eight-tenths of one percent against the battered Swiss Franc (CHF), the day’s worst-performing currency. The CAD is also up over one-half of one percent against the Pound Sterling (GBP) and the Japanese Yen (JPY), but gains against the US Dollar remain limited as the Canadian Dollar trades within a tenth of a percent against the Greenback.
USD/CAD remains mired in near-term congestion at the 1.3700 handle, but momentum is tilting in favor of bears looking to push the Greenback lower against the Canadian Dollar. The pair is drifting steadily lower from a near-term supply zone above 1.3760, with eyes set on the recent swing low into 1.3680.
Daily candles are on pace to make a return to technical support from a confluence in a rough rising trendline and the 50-day Exponential Moving Average (EMA) at 1.3676, but a long-term price floor is baked in at the 200-day EMA rising into the 1.3600 handle. USD/CAD is down a full percent from the year’s peaks near 1.3850 but is still up a healthy 3.5% from 2024’s opening bids near 1.3250.
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