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• The Canadian Dollar rose another quarter percent against the Greenback.
• Canada has a fresh GDP update looming ahead later in the week.
• Markets are recovering their composure after a Fed splurge last week.

The Canadian Dollar (CAD) is broadly higher on Monday, kicking off the new trading week with an across-the-board recovery thanks to easing bidding pressure in other categories rather than any bullish tilt within the CAD itself. The CAD rallied one quarter of one percent against the Greenback, tipping into a fresh multi-month high.

Canada remains absent from the economic calendar in any meaningful capacity until Friday. Canadian Gross Domestic Product (GDP) figures are due at the end of the week, but market flows are likely to get swamped out by a fresh print of US Personal Consumption Expenditure (PCE) inflation figures due at the same time.

Daily digest market movers
 

• The CAD rallied across the board on Monday, extending recent gains against the Greenback into a fourth straight week.
• CAD GDP figures are slated for Friday, with a quiet week on the cards in the meantime.
• US Durable Goods Orders gave an unexpected surge on Monday, keep risk appetite well-bid and limiting a Greenback rally.
• Despite topside risk flows, markets remain tepid as investors recover from a rate-cut splurge after Federal Reserve (Fed) Chairman Jerome Powell all but confirmed an initial rate cut on September 18.
• US PCE inflation figures are due to drop on markets on Friday, and forecasts are currently expecting the pace of consumer inflation pressures to hold steady at current levels.

Canadian Dollar price forecast
 

The Canadian Dollar (CAD) has found a fresh bullish push against the Greenback on Monday, kicking off a fourth straight week of gains against the US Dollar. USD/CAD traded into its lowest bids since March of this year as the CAD continues to gain ground against the USD, extending a fundamentals-based tailspin down the charts even further below the 200-day Exponential Moving Average (EMA) at 1.3625.

USD/CAD has ground its way through most of early 2024’s congestion zone between 1.3600 and 1.3400. If short momentum is unable to remain on top of things, a resurgence in bidders could see the pair climb quickly back into July’s price range above 1.3600.

USD/CAD daily chart
 

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