Canadian Dollar mostly mixed on Monday, flat against USD. Canada mostly absent from economic calendar this week. Speech from BoC Macklem due in the midweek market session. The Canadian Dollar is holding flat against the Greenback to kick off another trading week as momentum in the CAD space remains thin. Markets are still recovering from Friday’s jobs report, and volatility remains high despite a lack of momentum.
The pair’s topside push from last Friday failed to extend into another day of gains, but sellers have been unable to regain control. The 1.3780 level is the target for intraday buyers to beat, while short positions will need to accumulate enough pressure to drive bids back to the 1.3700 handle. A lack of trend is plaguing USD/CAD with the pair up 3.9% in 2024 but remaining down from the year’s peak bids at 1.3846 set back in mid-April.