USD/CAD moves upwards for the fourth successive session, trading around 1.3960 during the early European hours on Wednesday.
USD/CAD strengthens as the US Dollar appreciates due to optimism surrounding the Trump trades. The implementation of US President-elect Donald Trump’s proposed fiscal policies could delay further rate cuts by the Fed. The commodity-linked CAD weakens as Oil prices decline following OPEC's lowered forecast for global Oil demand growth in 2024. The primary factor contributing to the recent weakness in EUR/USD is the strength of the US Dollar amid optimism surrounding the Trump trades.
As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar. How do the decisions of the Bank of Canada impact the Canadian Dollar? The Bank of Canada has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down.
Majors Macroeconomics Oil Canada
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD hovers around 1.3800, highest since August 6 as traders look to Canadian CPI reportThe USD/CAD pair trades near its highest level since August 6 during the Asian session on Tuesday, with bulls making a fresh attempt to build on the momentum beyond the 1.3800 round-figure mark.
Read more »
USD/CAD strengthens above 1.3900 as traders await US CPI dataThe USD/CAD pair gains traction to near 1.3925 during the early Asian session on Tuesday, bolstered by the firmer US Dollar (USD) amid the strong return of the 'Trump trade.” The Canadian September Building Permits are due later on Tuesday.
Read more »
USD/CAD extends upside to near 1.3950, US CPI data in focusThe USD/CAD pair extends the rally to around 1.3950 during the early Asian session on Wednesday.
Read more »
USD/CAD surges to 1.3900 neighborhood as Trump trade boosts USDThe USD/CAD pair rallies over 80 pips from a two-week low, around the 1.3820-1.3815 region touched during the Asian session on Wednesday, reversing the previous day's losses and snapping a two-day losing streak.
Read more »
USD/CAD: Soft risk appetite forces a range tradeThe Canadian Dollar (CAD) is modestly softer on the session amid weak risk appetite but it is at least holding recent ranges, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
Read more »
USD/CAD trades around 1.3850, two-month highs, traders adopt caution ahead of US electionThe USD/CAD pair maintains its position on two consecutive days of gains, trading around 1.3850 during the Asian session on Friday.
Read more »