1.386
Today
+0.21%
5 Days
-0.22%
1 Month
-1.63%
6 Months
+1.39%
Year to Date
+1.02%
1 Year
+0.03%
Opening Price
1.382Previous Closing Price
1.383The Canadian Dollar (CAD) reverses earlier gains against the US Dollar (USD) on Wednesday, weighed by a recent pullback in oil prices and the escalation of the trade war with the US.
The USD/CAD pair edges higher during the Asian session on Wednesday, though it remains confined within the previous day’s range. Spot prices currently trade around mid-1.3800s as traders now look to the US Personal Consumption Expenditures (PCE) Price Index for some meaningful impetus.
Canada said that it will implement 50% retaliatory tariffs on $20bn worth of US goods, following through on Prime Minister Mark Carney’s vow to match US President Donald Trump’s duties “dollar for dollar,” the Guardian reported.
USD/CAD edges lower on Tuesday, with the Canadian Dollar (CAD) drawing support from a weaker US Dollar (USD) as traders also assess the latest tit-for-tat tariff measures between the United States (US) and Canada.
USD/CAD trades around 1.3835 on Tuesday at the time of writing, down a modest 0.07% on the day. The pair lacks a clear direction as both the US Dollar (USD) and the Canadian Dollar (CAD) face headwinds.
Scotiabank strategists Shaun Osborne and Eric Theoret describe USD/CAD trading close to their fair value estimate around 1.3842 as the Canadian Dollar (CAD) reacts to trade headlines and weaker Oil prices.
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The configuration is positive.
below 1.3842, expect 1.3819 and 1.3805.
The upside prevails as long as 1.3842 is support, with 1.3895 and 1.3909 as targets
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