Canadian Dollar holds flat as markets buckle down ahead of Fed ‘dot plot’ update

Canadian Dollar trades steadily on Tuesday with little momentum. Canada brings strictly low-tier data to the table this week. Fed rate cut expectations still dominate market outlook. The Canadian Dollar is trading mostly flat on Tuesday as investors stubbornly dig in their heels ahead of Wednesday’s key data prints from the US.

CAD bidders will be looking for Greenback weakness to drag USD/CAD back down from the 1.3800 handle. 2024’s highs rest at 1.3846, and any downside plunges in USD/CAD will find a demand zone just above the 1.3600 handle. Daily candlesticks are still holding on the high side, trading up nearly 4% for the year.

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