USD/CAD depreciates as softer US data raising speculations of the Fed reducing rates in 2024. US Nonfarm Payrolls areforecasted to show an increase of 190,000 new jobs, down from the previous reading of 272,000. Canada'sNet Change in Employment is expected to drop to 22.5K in June, from the prior26.7K reading.
Canadian Dollar FAQs What key factors drive the Canadian Dollar? The key factors driving the Canadian Dollar are the level of interest rates set by the Bank of Canada , the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports.
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USD/CAD IG Client Sentiment: Our data shows traders are now net-long USD/CAD for the first time since Jun 04, 2024 when USD/CAD traded near 1.37.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger USD/CAD-bearish contrarian trading bias.
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USD/CAD Price Analysis: Consolidates around 1.3650 within a horizontal channelUSD/CAD retraces its recent losses, trading around 1.3670 during the early European hours on Friday.
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USD/CAD falls toward 1.3750 due to higher Oil pricesUSD/CAD extends losses for the second consecutive day, trading around 1.3780 during the early European session on Wednesday.
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USD/CAD rises above 1.3700 ahead of Core PCE inflationUSD/CAD continues to gain ground for the fourth consecutive day, trading around 1.3710 during the European session on Friday.
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USD/CAD depreciates to near 1.3650 ahead of Canada’s CPIUSD/CAD continues its losing streak that began on June 14, trading around 1.3650 during the European session on Tuesday.
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