JPY Daily News

CAD at the Mercy of External Forces

An absence of Canadian data releases has left the CAD at the mercy of market forces outside of Canada. The USD/CAD has found itself being bought when traders become risk averse. The pair is then sold during times when traders are buying risky assets such as equities and the AUD. Yesterday the USD/CAD was bid in the early part of the London trading session but the pair quickly came under pressure with the ECB rate cut.

Today Canada will have data releases on the economic calendar with monthly building permits and the Ivey PMI survey. Most likely these data points will be overshadowed by the release of the US non-farm payrolls report. The USD/CAD has support at yesterday's low of 1.0050 and the October low of 0.9890.

Current Time: 05/27 00:46 GMT

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