Canadian Dollar is going through a moderate recovery with investors confident that the Fed will start easing in June.
The mixed US macroeconomic data seen on Tuesday has failed to provide a significant boost to the US Dollar.
The broader USD/CAD trend remains positive while above the 1.3460 support area.
The Canadian Dollar (CAD) is showing a moderately positive tone on Tuesday, as the US Dollar keeps paring last week’s gains. A mild appetite for risk is dominating the market in a calm pre-Easter week. The echoes of the dovish monetary policy statement by the Federal Reserve last week are keeping US Dollar bulls in check with all eyes on Friday’s US Personal Consumption Expenditures (PCE) Prices Index data.
The US calendar has shown mixed readings on Tuesday. US Durable Goods orders increased beyond expectations in February, while the unexpected contraction of the Conference Board’s Consumer Confidence Index has offset investors’ optimism.
These figures come after Fed speakers revealed the whole range of opinions regarding the bank’s monetary policy outlook. Chicago Fed President Goldsbee signaled three rate cuts, with a more hawkish Raphael Bostic hinting toward only one cut in 2024 and Fed Governor Lisa Cook defending a cautious approach.
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