Canadian Dollar snaps win streak, heads back into the low end

• The Canadian Dollar lost 0.4% to start the trading week.
• Canada saw a better-than-expected print in PMI figures.
• Despite upbeat data, the Loonie continues to struggle.

The Canadian Dollar (CAD) backslid another four-tenths of one percent against the Greenback on Monday. CAD traders pushed down the Loonie against the US Dollar despite an uptick in Canadian Purchasing Managers Index (PMI) figures for November as investors pivot to focus on this week's US labor data dump that will culminate in another Nonfarm Payrolls (NFP) print on Friday.

Canada's S&P Global Manufacturing PMI for November came in above expectations, printing at a nearly two-year high. However the upswing in manufacturing data has done little to stem the tide of middling economic reports from Canada in recent weeks, and broader markets shrugged at the one-off print.

Daily digest market movers: 21-month high in Canadian PMI sparks little interest in CAD

• The Canadian Dollar lost 0.4% against the Greenback, keeping USD/CAD bolstered above 1.4000.
• Canadian PMI figures for November rose to a 21-month high of 52.0, beating the forecast decline to 50.8 from October's 51.1.
• Despite the upbeat business activity survey results, the Loonie still shed weight against the US Dollar, falling back into familiar lows.
• Broader markets are set for a week full of US labor preview data before Friday's US NFP print.
• Canadian labor and wages data also slated for Friday will get swamped out by US jobs numbers.

Canadian Dollar price forecast

With the Canadian Dollar (CAD) continuing to slump into the low side, USD/CAD has been pushed back into near-term highs. The Loonie-Dollar pair is catching intraday support just north of the 1.4000 handle, snapping a three-day win streak that saw the CAD gain comparatively little ground.

USD/CAD daily chart