Canadian Dollar price forecast: Steady gains lead to middling ranges

The Canadian Dollar (CAD) put in a subpar performance on Monday, ticking lower against most of its major currency peers but finding thin gains against the Japanese Yen and the Swiss Franc. The CAD backslid over a quarter of a percent against the rebounding Antipodeans, and struggled to find direction against the Greenback and the European bloc, trading down within one-fifth of one percent against the Euro and the Pound Sterling.

USD/CAD price action has ground to a halt as bids grapple with the 50-day Exponential Moving Average (EMA) at 1.3730. Last week’s early Greenback rally failed to capture the 1.3950 level, giving the Canadian Dollar a chance to reclaim recently lost ground.