Posted 2/1/2024, 5:06:59 PM
Canadian Dollar Recovers Some Losses as Manufacturing Shows Signs of Improvement
- Canadian Dollar recovers some losses against the US Dollar as risk sentiment stabilizes post-Fed
- Canada's Manufacturing PMI improves in January but remains in contraction below 50
- US jobs and inflation data prints offer mixed signals ahead of Friday's NFP report
- Crude Oil prices flatten out above $76 after last week's surge past $79 per barrel
- Technical analysis shows USD/CAD rejection from 200-hour SMA, potential for further downside