The Canadian Dollar staged a modest recovery against the US Dollar on Monday, gaining nearly half a percent. However, this move appears driven by thin trading conditions and a lack of significant market activity as the year draws to a close.
With most global markets observing the holiday season, trading volumes remain subdued. This subdued environment has trapped investors in a low-volatility range, limiting meaningful price action.
The Canadian economic calendar remains largely empty this week, offering little to excite traders. The sole notable data point is Thursday’s Canadian Manufacturing Purchasing Managers’ Index (PMI), which is expected to show a decline as business activity slows down. This will be followed by the release of the US ISM Manufacturing PMI on Friday.
Loonie Struggles Near Multi-Year Lows
The Canadian Dollar continues to languish near multi-year lows against the US Dollar, keeping the USD\/CAD pair firmly above the 1.4400 level. While this key technical level has held for now, a lack of bullish momentum suggests the Loonie faces an uphill battle. The US Dollar has enjoyed a strong run against the CAD in recent months, appreciating by nearly 8% over the past 12 weeks.
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The Canadian Dollar staged a modest recovery against the US Dollar on Monday, gaining nearly half a percent. However, this move appears driven by thin trading conditions and a lack of significant market activity as the year draws to a close.With most global markets observing the holiday season, trading volumes remain subdued. This subdued environment …<\/p>\n","protected":false},"author":13,"featured_media":61434,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[],"class_list":["post-109980","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109980","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=109980"}],"version-history":[{"count":2,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109980\/revisions"}],"predecessor-version":[{"id":109986,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/109980\/revisions\/109986"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/61434"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=109980"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=109980"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=109980"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}