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The Canadian Dollar has seen little but downside this week. A pivot to market Fed expectations is sending investors into the US Dollar. Crude Oil bids try to recover, limiting Loonie losses for Friday. The Canadian Dollar (CAD) is in the red overall for the week, seeing only a minor gain on Friday, closing the last trading day of the week up a whole five pips against the US Dollar (USD). Canada has seen a thin showing on the economic calendar all week, and next week is set for more of the same as broader markets focus on the US Dollar and investors get pushed around by central bank expectations. Daily Digest Market Movers: Canadian Dollar recedes as traders pick the Greenback The CAD is trying to reverse a week of losses, shedding 1.5% against the USD. Risk aversion appears to be the general tone to overall market themes, sending the USD higher across the board. US Michigan Consumer Sentiment Index for November dropped back to 60.4 from 63.8. UoM 5-Year Consumer Inflation Expectations ticked up from 3% to 3.2%. Federal Reserve Chairman Jerome Powell’s hawkish showing yesterday continues to bleed through markets as investors prove jittery around inflation. […]
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