The USD/CAD currency pair has been in the spotlight recently due to the dollar’s record weekly gains against the Canadian dollar. The risk-off sentiment in the market has been the primary driver of this trend, as investors seek safe-haven assets amid growing concerns over the global economic outlook.
The US dollar has been gaining ground against most major currencies, including the Canadian dollar, as investors flock to the safety of the greenback. The ongoing trade tensions between the US and China, coupled with the uncertainty surrounding Brexit and the global economic slowdown, have all contributed to the risk-off sentiment in the market.
The Canadian dollar, on the other hand, has been under pressure due to a number of factors. The recent decline in oil prices, which is a major export for Canada, has weighed heavily on the currency. In addition, the Bank of Canada’s decision to hold interest rates steady has also contributed to the weakness of the Canadian dollar.
Looking ahead, the weekly forecast for USD/CAD suggests that the dollar is likely to continue its upward trend against the Canadian dollar. The ongoing risk-off sentiment in the market is expected to persist, which will continue to support the dollar’s safe-haven status.
In addition, the upcoming economic data releases from both the US and Canada are likely to have an impact on the currency pair. The US non-farm payrolls report, which is due to be released on Friday, is expected to show a strong increase in job growth, which could further boost the dollar.
Meanwhile, the Canadian employment report, which is also due on Friday, is expected to show a slight increase in job growth. However, this is unlikely to have a significant impact on the Canadian dollar given the prevailing risk-off sentiment in the market.
In conclusion, the weekly forecast for USD/CAD suggests that the dollar is likely to continue its upward trend against the Canadian dollar due to the ongoing risk-off sentiment in the market. However, investors should keep an eye on the upcoming economic data releases from both the US and Canada, as they could have an impact on the currency pair.
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