Technical analysis: Canadian Dollar claws back lost ground, but momentum remains tepid
The Canadian Dollar (CAD) is broadly firmer on Wednesday, gaining half a percent against the Japanese Yen (JPY) and has stepped a fifth of a percent higher against the Australian Dollar (AUD). Elsewhere, gains remain thin with the CAD stepping up around a tenth of a percent against the Pound Sterling (GBP) and the US Dollar (USD).
The Canadian Dollar’s rebound on Wednesday drags the USD/CAD down, pricing in a near-term fumble of the 1.3760 level. The pair is returning to the 200-hour Exponential Moving Average (EMA) near 1.3700, building out a rough congestion pattern
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