Canadian Dollar is trading back and forth in pre-holiday trading session.
A somewhat stronger US Dollar and BoC Rogers’ warnings about the country’s low productivity have weighed on the Loonie.
The broader USD/CAD trend remains positive with 1.3615 capping bulls for now.
The Canadian Dollar (CAD) is trading back and forth, without a clear direction in Wednesday’s early US session, with the US Dollar having the upper hand in a thin trading session ahead of the Easter Holiday.
The Loonie opened the day on its back foot, following comments from the Bank Of Canada’s Senior Deputy Governor, Carolyn Rogers, complaining about the low productivity and poor levels of investment. The CAD, however, managed to pare some losses with Oil prices bouncing up during the European session and is now practically flat on the daily chart.
The US Energy Information Administration has reported an unexpected increase in Oil stockpiles during the week of March 22. These figures have capped the rebound on Crude prices and increased negative pressure on the Canadian Dollar.
In the absence of first-tier macroeconomic releases today, the focus is on Fed Governor Christopher Walles, who is expected to speak about monetary policy at the Economic Club of New York later on Wednesday.
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