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Canadian Dollar Consolidates Ahead of Key Data

The Canadian Dollar (CAD) traded with limited momentum on Friday, holding close to its opening range against the US Dollar (USD) as markets await next week’s critical data releases.

Key Factors:

  • Mixed CAD Performance: The CAD showed mixed results against other major currencies, gaining against the Japanese Yen (JPY) and the Pound Sterling (GBP) while remaining mostly flat against others.
  • Data Focus: Market focus shifts to next week’s Canadian Consumer Price Index (CPI) and the Federal Reserve’s updated interest rate projections (Dot Plot).

Technical Outlook:

  • USD/CAD Rangebound: The pair remains confined near the 1.3500 level, with intraday fluctuations between 1.3460 (support) and 1.3550 (resistance).
  • Upcoming Data Impacts: CPI and Fed updates could trigger significant volatility and breakouts from the current range.