Canadian Dollar pares recent losses on Tuesday as chart chop continues

USD/CAD

Jul 2, 2024 5:02 PM

Canadian Dollar climbs across board despite Canadian PMI miss.
Canada data remains thin on economic calendar until Friday’s labor data.
Markets are gearing up for Friday’s US NFP print with preview data.

The Canadian Dollar (CAD) recovered ground on Tuesday after CAD traders shrugged off a slight misfire from Canadian Purchasing Managers Index (PMI) figures. Market sentiment is broadly picking up steam and carrying the Canadian Dollar into recovery mode.

Canada saw a flat print in S&P Global Manufacturing PMI figures in June, and US JOLTS Job Opening in May ticked even higher, soothing market jitters that had frayed investor sentiment around the edges on Monday.

Daily digest market movers: Canadian Dollar shrugs off PMI miss to gain lost ground

Canadian Manufacturing PMI holds flat at 49.3 in June, missing the forecast increase to 50.2.
As broad-market sentiment improves, CAD traders shrug off the data miss, bolstering Canadian Dollar into recovery mode.
US JOLTS Job Openings in May rose to 8.14 million, rising above the forecast flat hold of 7.91 million.
Fedspeak tilts into dovish side on Tuesday as Federal Reserve (Fed) officials gain hopeful inflation outlook.
Wednesday’s US ADP Employment Change to be rough preview of Friday’s upcoming US Nonfarm Payrolls (NFP) labor data dump.

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		0.08%	-0.13%	0.06%	-0.30%	0.02%	0.09%	0.22%
EUR	-0.08%		-0.21%	0.00%	-0.38%	-0.05%	-0.01%	0.14%
GBP	0.13%	0.21%		0.23%	-0.16%	0.13%	0.21%	0.34%
JPY	-0.06%	0.00%	-0.23%		-0.38%	-0.04%	-0.01%	0.13%
CAD	0.30%	0.38%	0.16%	0.38%		0.32%	0.39%	0.51%
AUD	-0.02%	0.05%	-0.13%	0.04%	-0.32%		0.06%	0.19%
NZD	-0.09%	0.01%	-0.21%	0.01%	-0.39%	-0.06%		0.13%
CHF	-0.22%	-0.14%	-0.34%	-0.13%	-0.51%	-0.19%	-0.13%

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 outlook: Canadian Dollar broadly rebounds on Tuesday

The Canadian Dollar (CAD) took a step higher on Tuesday, recovering near-term losses and climbing around one-third of one percent against the US Dollar (USD), Euro (EUR), and Japanese Yen (JPY) for the day. The CAD is firmly on pace to be Tuesday’s single best-performing currency among the major currencies.

USD/CAD has tumbled back below the 1.3700 handle after tapping a fresh near-term peak around 1.3755 this week. Intraday price action remains volatile, leaving plenty of churn on the chart. Daily candlesticks remain hung up on the 50-day Exponential Moving Average (EMA) at 1.3680. USD/CAD continues to trade north of the 200-day EMA at 1.3588, but bullish momentum has failed to chalk in fresh gains since peaking just shy of 1.3850 in April.

USD/CAD hourly chart

USD/CAD daily chart

Economic Indicator

JOLTS Job Openings

JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month.