The USD/CAD pair surged past 1.4400 in Monday's North American session as the US Dollar experienced a sharp recovery. This upward movement was fueled by a rebound in the US Dollar Index (DXY) and positive sentiment surrounding the Federal Reserve's (Fed) interest rate outlook. US Durable Goods Orders fell short of expectations, contracting by 1.1% in November, while Canada's economy expanded by 0.3%, exceeding forecasts.
USD / CAD bounces back above 1.4400 amid a strong recovery in the US Dollar. US Durable Goods Orders contracted by 1.1% in November, faster than estimates of 0.4%. The Canadian economy expanded by 0.3% in October against expectations of 0.1%. The USD / CAD pair recovers sharply above 1.4400 in Monday’s North American session.
Major reason behind USD’s recovery seems to be its upbeat outlook, given that Federal Reserve’s officials have guided fewer interest rate cuts for 2025. According to the latest dot plot, officials see Federal Funds rate heading to 3.9% by the end of 2025. On the economic front, US Durable Goods Orders for November have come in weaker-than-projected. Fresh Durable Goods Orders declined by 1.1%, faster than estimates of 0.4%. In October, fresh orders for durable goods rose by 0.
Currency USD CAD US Dollar Canadian Dollar Durable Goods Orders GDP Federal Reserve Interest Rates
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