The Canadian Dollar (CAD) extended declines on Tuesday, slipping to a new low for the week as market sentiment recoils in the last quarter of the trading day. Markets pulled back into the US Dollar (USD), pushing the CAD even lower as Canadian economic figures broadly miss the mark. Canada’s International Merchandise Trade in November fell back after October’s 14-month high, and Canadian Building Permits in November fell by nearly 4%. Crude Oil is looking for a rebound from Monday’s downside slump, but topside momentum remains limited, leaving Crude Oil largely flat on the week as barrel bids struggle to recover.

The Canadian Dollar (CAD) slid to a new multi-week low against the US Dollar on Tuesday, sending the USD/CAD pair briefly back over the 1.3400 price level before intraday price action got hung up on the major handle. Near-term USD/CAD momentum has largely been a consolidation story with the pair grinding out higher lows through 2024’s early trading. Daily candlesticks show the USD/CAD pushing steadily higher in choppy trading as the pair grinds back toward the 200-day Simple Moving Average (SMA) near the 1.3500 handle. Bullish momentum is set to see a fresh technical ceiling from an impending bearish crossover of the 50-day and 200-day SMAs.