The USD/CAD rallied to a three-week high above the 200-day moving average (DMA) of 1.3588, gaining 0.36% after bouncing off the daily lows of 1.3553.
USD/CAD climbs above 1.3588, fueled by BoC Governor Macklem's dovish comments and falling oil prices from Tropical Storm Francine. BoC hints at more aggressive rate cuts as Canadian economy slows and unemployment hits a seven-year peak. Investors anticipate US CPI data, which could bolster expectations for a Fed rate cut at the upcoming September 17-18 meeting. The USD/CAD rallied to a three-week high above the 200-day moving average of 1.3588, gaining 0.
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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