The USD/CAD currency pair experienced mild losses on Friday morning due to a weaker US Dollar and declining US yields. Weaker-than-expected US Retail Sales data also contributed to the downward pressure. Meanwhile, the Bank of Canada indicated its plan to end quantitative tightening in the near future.
The USD/CAD pair traded with slight losses around 1.4395 during the early Asian session on Friday. This downward pressure stemmed from a weakening US Dollar (USD) and a decline in US yields across the yield curve. Investors were keeping a close eye on upcoming US housing data for December, including Building Permits and Housing Starts, as well as the release of US Industrial Production figures. Earlier in the week, data released by the US Census Bureau revealed that US Retail Sales rose by 0.
4% month-over-month in December, reaching $729.2 billion. This figure fell short of market expectations of a 0.6% increase and was lower than the previous reading of 0.8% (revised from 0.7%). The weaker-than-expected US Retail Sales data led to a slight dip in the Greenback. However, the downside for the USD might be limited due to the Federal Reserve's (Fed) cautious approach to cutting interest rates this year. Turning to the Canadian Dollar, investors remained vigilant about potential US trade tariffs by US President-elect Donald Trump. The Bank of Canada (BoC) also announced its intention to conclude its quantitative tightening program in the coming months. BoC Deputy Governor Toni Gravelle stated on Thursday that while the BoC anticipates ending its quantitative tightening program in 2025, the Canadian central bank won't immediately shift towards a similar quantitative easing structure as seen in recent years
USD/CAD US Dollar Canadian Dollar Quantitative Tightening Bank Of Canada US Retail Sales Interest Rates Trade Tariffs
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD holds positive ground above 1.4400, eyes on Canadian Retail Sales, US Core PCE dataThe USD/CAD pair gathers strength to near 1.4405 during the early Asian session on Friday, bolstered by the firmer Greenback broadly.
Read more »
USD/CAD Dips Near 1.4400 as US Dollar Trades QuietlyThe USD/CAD pair is experiencing slight downward pressure near the 1.4400 support level. This movement coincides with subdued trading in the US Dollar, characterized by low volumes. The anticipation of the Bank of Canada (BoC) potentially lowering interest rates to mitigate inflation risks contributes to the Loonie's decline.
Read more »
USD/CAD Dips on Wednesday Amidst Mixed FactorsThe USD/CAD pair trades lower on Wednesday, influenced by a mix of factors. While bullish Crude Oil prices bolster the Canadian Dollar and weigh on the pair, a softer US Dollar limits significant losses. The Federal Reserve's hawkish stance and upcoming FOMC Minutes could further influence the pair's direction.
Read more »
Toyota's Global Production Dips for Tenth Month, While Sales GrowToyota's global vehicle production declined for the tenth consecutive month in November, marking a larger drop compared to the previous month. However, the company reported a rise in worldwide sales for the second month in a row, driven by strong demand in the US and China. While production faced challenges in Japan, the US, and other regions, Toyota saw positive sales figures for models like the Granvia, Sienna, and bZ3.
Read more »
USD/CAD Consolidates Amid Thin Trading Volume, Fed Hints at Rate CutsThe USD/CAD pair is trading sideways around 1.4400 in a quiet holiday week. The Fed suggests multiple rate cuts in 2025, while the BoC maintains a gradual easing approach.
Read more »
USD/CAD depreciates to near 1.4400 as improved Oil prices support the Canadian DollarUSD/CAD remains tepid following two days of gains, trading around 1.4410 during the Asian hours on Friday.
Read more »