The Canadian Dollar (CAD) experienced a decline against the Greenback on Tuesday, with a quarter percent loss marking its fifth consecutive trading day of slipping against the US Dollar. This drop comes in the wake of Canada reporting a steeper-than-expected contraction in its trade balance figures for August. Investors are eagerly awaiting the release of the Fed Meeting Minutes for insights into the Federal Reserve’s recent rate decisions.
In summary, the CAD lost 0.25% against the Greenback, Canadian trade balance figures showed a significant contraction due to a drop in exports, and Fed’s Meeting Minutes are anticipated to shed light on future rate cuts. The technical analysis of the USD/CAD pair indicates a bullish trend, with the price surpassing key moving averages and showing signs of upward momentum. However, caution is advised as the price approaches potential resistance levels, and traders should monitor for signs of exhaustion or confirmation of further gains.
