# Canadian Dollar Struggles to Sustain Upward Momentum

> Technical analysis of the spot Canadian dollar shows lower highs and lower lows since November, with the currency falling 38 basis points on Wednesday to its weakest level in five sessions. Non-commercial traders held a significant net-short position for a fourth week.

- Date: 2023-04-19 · published 2023-04-19T12:00:00.000Z
- Category: market · region Canada · magnitude low
- Page: https://feedsoft.ai/events/36642-canadian-dollar-struggles-to-sustain-upward-momentum
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

The chart pattern points to a possible first weekly loss against the U.S. dollar in four weeks, which would weigh on Canadian dollar-denominated export prices for U.S. buyers. The analysis is routine market commentary with no new fundamental cause.

## Read by commodity

- USDCAD: bullish ▲

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/blogs/canada-markets/blog-post/2023/04/19/canadian-dollar-struggles-sustain

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.