USD/CAD edges lower after two days of gains, trading around 1.4090 during the early European hours on Friday. The daily chart’s technical setup reflects a persistent bullish bias, with the pair remaining within its ascending channel pattern.
The Canadian Dollar (CAD) trades on the back foot against the US Dollar (USD) on Monday, with USD/CAD edging modestly higher following Canada’s October inflation report. At the time of writing, the pair is trading around 1.4040, as a firmer Greenback adds to the downside pressure on the Loonie.
USD/CAD remains anchored above 1.4000 as markets await Canada’s October CPI, expected to cool to 2.1% year-on-year.