The USD/CAD pair hovers near a two-week low, pressured by subdued oil prices and the Bank of Canada's (BoC) dovish outlook. While a weaker US Dollar (USD) limits aggressive bullish bets, traders await US economic data and oil price dynamics for further direction.
USD/CAD struggles to gain any meaningful traction and hangs near a two-week trough. Subdued Oil prices and the BoC’s dovish outlook undermine the Loonie and cap the pair. The USD languishes near the weekly low and further acts as a headwind for spot prices. The USD/CAD pair enters a bearish consolidation phase after registering heavy losses over the past two days and holds above the 1.4300 mark during the Asian session on Wednesday.
Petroleum is Canada’s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.
USD/CAD Oil Prices Bank Of Canada US Dollar Trade Tariffs
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