USD/CAD: Greenback Holds Steady Against the Canadian Dollar Even; Market Mood Swings to Risk-Off

The US dollar was mostly unchanged against the Canadian dollar in today’s session despite a slight risk-off market undertone.  As of 3:20 p.m., one US dollar bought 1.3304 Canadian dollars in London.

The greenback extended losses or was unchanged against other majors as well even as Trump comments increased trade concerns.

President Trump told reporters in London he would be willing to wait until after the 2020 election before arranging a trade deal with Beijing, signaling no urgency ahead of the December 15 “logical deadline”. The US government may impose additional tariffs on $160 billion of Chinese products starting that day.

After reaching an intraday high of 1.3283 against the US dollar, the Canadian dollar lost some ground ahead of tomorrow’s Bank of Canada policy decision.

Expectations of a rate cut have mostly receded as the housing market shows signs of a rebound and economic growth in Q3 remained within the BoC’s previous forecast of 1.3%. In addition, markets are pricing in a 20% chance of a rate cut in January — down from 30% previously.

Lower oil prices failed to put significant downward pressure on the loonie. Brent crude was down 0.92% to trade at $61.20 at the time of writing.

While the US dollar remains well supported around the 1.3270 level, the Canadian dollar doesn’t manage to hold much of a bit ahead of the BoC’s policy meeting.

The upper range resistance that aligns with the November 20 high of 1.3327 could provide some selling pressure, followed by the October highs around the mid 1.33s. The lower range support around 1.3270 will likely continue to support the pair in the short-term. is a news site only and not a currency trading platform. is a site operated by TransferWise Inc. (“We”, “Us”), a Delaware Corporation. We do not guarantee that the website will operate in an uninterrupted or error-free manner or is free of viruses or other harmful components. The content on our site is provided for general information only and is not intended as an exhaustive treatment of its subject. We expressly disclaim any contractual or fiduciary relationship with you on the basis of the content of our site, any you may not rely thereon for any purpose. You should consult with qualified professionals or specialists before taking, or refraining from, any action on the basis of the content on our site. Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date, and DISCLAIM ANY IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. Some of the content posted on this site has been commissioned by Us, but is the work of independent contractors. These contractors are not employees, workers, agents or partners of TransferWise and they do not hold themselves out as one. The information and content posted by these independent contractors have not been verified or approved by Us. The views expressed by these independent contractors on do not represent our views.