- The dollar attracts haven flows amidst geopolitical concerns.
- Weaker oil prices affect CAD.
The USD/CAD is trading today near the three-day highs around the 1.3365 area. It had set 5-months plus lows on Wednesday, around 1.3235 and since had rallied around 130-140 pips. The demand for US dollars and weakness in crude oil is helping the pair.
The US dollars safe-haven buying got a fillip today after President Trump invoked executive order to ban transactions for US companies with the Chinese owned TikTok and WeChat, triggering fears of further deterioration in Sino-US relations.
The dollar buying and the pullback in crude oil prices – down 0.80 Percent today over doubts on fuel demand recovery, pulled down the commodity-linked loonie. The pair’s up-move was also supported by short-covering.
Macro numbers from the US and Canada are being looked forward to by the traders and investors to set the trend in USD/CAD. The Canadian employment details, along with the much-watched US NFP, will result in some substantial trading opportunities in the pair today.
Currencylive.com is a news site only and not a currency trading platform. Currencylive.com is a site operated by Wise US 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 Wise 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 currencylive.com do not represent our views.
