USD/CAD appreciates as the Fed reaffirms expectations for three interest rate cuts in 2024. Higher WTI price could have contributed to underpinning the Canadian Dollar.
has projected stronger growth throughout 2024 and 2025 than initially anticipated. The Canadian Dollar likely found support from rising Crude oil prices. West Texas Intermediate crude oil prices edge higher, reaching close to $81.70 by the time of reporting. This increase may have bolstered the CAD, as the United States Energy Information Administration announced a second consecutive week of declines in Crude inventories, indicating strong demand in the world's largest oil consumer.
's Dot Plot of interest rate expectations has shown an increase in the long tail end of the curve. Rates are now forecasted to reach approximately 3.1% by the end of 2026, compared to the previous projection of 2.9%. USD/CAD Overview Today last price 1.3467 Today Daily Change -0.0025 Today Daily Change % -0.19 Today daily open 1.3492 Trends Daily SMA20 1.3524 Daily SMA50 1.3492 Daily SMA100 1.3507 Daily SMA200 1.3484 Levels Previous Daily High 1.3605 Previous Daily Low 1.
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