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USD/CAD slips as oil gains and investors await Canada and US data
USD/CAD was down 0.25% near 1.4120, with WTI up to about $80 and the Bank of Canada expected to keep its policy rate at 2.25%.
The Canadian dollar strengthened against most major peers, pushing USD/CAD lower in European trading. The pair was down 0.25% to around 1.4120 as the loonie gained on improved appeal for currencies tied to net oil exporting economies.
The move was supported by rising crude, with WTI up 2.7% to near $80.00, its highest level in almost a month. The article also pointed to heightened oil price attention after remarks by US President Donald Trump about toll fees connected to the Strait of Hormuz.
Focus for FX traders is split between Canada and the US. Investors are set to look ahead to the Bank of Canada policy announcement due Wednesday, where rates are expected to be left unchanged at 2.25%, including any guidance on the inflation and economic outlook.
In the US, the article cited selling pressure on the dollar ahead of June CPI data release. It also described USD/CAD technical levels, noting the 20-day EMA near 1.4136 as near-term resistance and 1.4095, the June 18 low, as the key support area.
Latest closeWTI crude $78.04 ▲9.3%