The US dollar has been choppy in the early hours of Thursday, as we are waiting for Non-Farm Payroll numbers on Friday.
Usually, rising oil prices have generally been a source of support for Canadian Dollar. This week, however, that relationship is breaking down.
USD/CAD Price Forecast: Gains ground above 1.3900 as bullish momentum strengthens above 100-day SMA
The week continues to move in favor of the US dollar against its main rivals, and this is also reflected in USD/CAD price act.
The US Dollar to Canadian Dollar (USD/CAD) exchange rate has strengthened over the past two weeks and is trading around 1.3860 after climbing from lows near 1.3750 in late May. Scotiabank notes that the Canadian Dollar has underperformed its G10 peers recently, although it considers current levels somewhat stretched relative to underlying.
USD/CAD Price Forecast: Stands firm near 1.3850 as bullish USD counters rising Oil prices
The US Dollar to Canadian Dollar (USD/CAD) exchange rate traded close to 1.3804 at the end of May, leaving the Canadian Dollar around 1.6% weaker over the month after the pair climbed from lows near 1.3550 earlier in May. Scotiabank believes the recent move may be losing momentum.
USD/CAD Price Forecast: Trades below 1.3800 with bullish bias on weak Oil, USD uptick
Reports the US and Iran may be close to extending their ceasefire agreement helped knock crude prices and big dollar lower overnight. Softer US data provided fuel for the move, with falling real disposable incomes and a continued drawdown in household savings raising fresh doubts whether consumer spending can continue to hold up at current rates.
Canadian dollar volatility is accelerating as inflation expectations, labor market data, and geopolitical headlines reshape USD/CAD positioning. Michael Boutros, FOREX.com Senior Market Analyst, breaks down key resistance levels, macro catalysts, and multi-timeframe trading structures driving the North American currency pair.
USD/CAD Price Forecast: Extends rally to 1.3870, fresh high since April 13 on firmer USD
The US Dollar to Canadian Dollar (USD/CAD) exchange rate has rallied strongly through May, but Scotiabank believes the move higher may now be running out of momentum as markets reassess North American interest-rate expectations. USD/CAD traded near 1.3833 on Wednesday, close to its strongest level since March after climbing sharply from.