Overnight, the Canadian dollar weakened by about ¼ of a penny against the US dollar. However, this morning, both the CAD and USD are underperforming against major global currencies. The USD/CAD pairing has mostly experienced range-bound trading over the last two days, with the exchange rate bouncing between defined levels. All the action occurred earlier this week following the release of higher-than-expected April inflation numbers in Canada. Initially, this news provided a temporary boost to the Canadian dollar, leading to a decline in USD/CAD from a high of 1.3567 to around 1.3400 on Wednesday. However, much of this decline was quickly reversed.
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