- USD/CAD hits six-month lows.
- Dollar selling strengthens as US stimulus hopes fade.
USD/CAD today revisited its six-month lows as the greenback receded on fading hopes of a stimulus deal from the US Congress.
The pair posted a low of 1.3227 during the Asian session, a level last seen on February 21.
Deadlock Continues: US Fiscal Stimulus Talks See No Progress
Republicans and Democrats are still trading blame on each other as a five-day delay in talks started to worry financial markets. President Trump joined the blame game as he found fault with the Congressional Democrats for the impasse.
Analysts caution that the current signs of economic revival may vanish in the absence of an additional fiscal stimulus. A move out of dollars was visible on Wednesday and during Thursday’s Asian session.
Gold’s strength also has added to the bearish pressure on the dollar. The precious metal was trading above 1,935 dollars, continuing its up-move to 1900 dollars yesterday.
The Canadian dollar gained from the recent strength in oil price; WTI oil rose by two Percent on Wednesday after the US government data showed an inventory fall.
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