USD/CAD gains downside momentum. Democrats won effective control of the Senate this week, giving President-elect Joe Biden scope to push through more spending, which analysts say will be negative for bonds and the dollar. In this week, U.S. reported that ISM Manufacturing PMI increased from 57.5 in November to 60.7 in December while analysts believed [...]
The loonie pair declines for the first time in the week even as risk catalysts stay upbeat. The reason could be traced from the pair’s traders cautious sentiment ahead of the Bank of Canada (BOC) monetary policy meeting. Global market sentiment remains cautiously optimistic as the US policymakers are finally inching closer to the much-awaited [...]
The USD/CAD pair is getting weaker. The oil rally seems to be supporting the Canadian dollar. West Texas Intermediate (WTI) crude, the North American oil benchmark, is trading 1.8% higher on the day near $46.40 per barrel. On Thursday, the OPEC+, a group of major producers led by Saudi Arabia and Russia, reached an agreement [...]
The Canadian dollar dropped fast, hit support, and rebounded furiously. It was not alone. Most of the G-10 major currencies saw similar price action, which occurred following U.S. Federal Open Market Committee meeting. The Fed left interest rates unchanged. It wasn’t a surprise. The dot-plot interest rate forecast predicted rates would remain at current levels [...]
