{"id":83702,"date":"2019-12-16T03:00:34","date_gmt":"2019-12-16T08:00:34","guid":{"rendered":"https:\/\/currencylive.com\/?p=83702"},"modified":"2019-12-16T02:21:23","modified_gmt":"2019-12-16T07:21:23","slug":"101776-usd-cad-trade-deal-weighs-on-us-dollar","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/101776-usd-cad-trade-deal-weighs-on-us-dollar\/","title":{"rendered":"USD\/CAD: Trade Deal Weighs On US Dollar"},"content":{"rendered":"<p>The US dollar declined versus the Canadian dollar for the third consecutive week last week. The US dollar Canadian dollar exchange rate slipped 0.7% closing the week at 1.3178. The US dollar is slipping lower in early trade at the start of the new week.<\/p>\n<p>The US dollar declined across the previous week following a more dovish than expected Federal Reserve and following the US and China agreeing a phase one trade deal. The Federal Reserve kept monetary policy unchanged as was broadly expected. However, the Fed also insisted that it would not consider hiking interest rates until there was a substantial and persistent increase in inflation. Federal Chair Jeremy Powell\u2019s more subdued tone sent the dollar lower.<\/p>\n<p>The other major event last week for the dollar was the phase one trade deal between US and China. The US agreed to reduce tariffs on $150 billion of Chinese imports to 7.5%. However, 25% tariffs will remain on $250 billion worth of Chinese imports. Meanwhile China has agreed, among other points, to increase agricultural purchases from the US, although exact figures are lacking.<\/p>\n<p>Whilst this week sees the release of PMI data, industrial production, jobless claims and housing data, its trade news that has the greatest potential to move the markets. If the deal is considered to be beneficial to US economy the US dollar will receive a boost. However, the lift will be less against the Canadian dollar than most other currencies as the Canada benefits from being a resource producer and ad the largest trading partner to US.<\/p>\n<h3><strong>Canadian Dollar Boosted By Trade Deal<\/strong><\/h3>\n<p>News of the US \u2014 China trade deal helped strengthen the Canadian dollar in the previous week. US crude oil pushed 1.3% higher on the improved demand outlook as the trade cloud cleared. The commodity sensitive Canadian dollar pushed higher.<\/p>\n<p>Bank of Canada Governor Stephen Poloz also boosted demand for the Loonie last week. In a speech on Thursday, Stephen Poloz said that the recent weak labour market reading was unlikely to weigh on future monetary policy decisions. After particularly poor labour market data, these comments eased investor nerves.<\/p>\n<p>Looking ahead inflation figures on Thursday will be the central focus of Canadian dollar investors, along with the price of oil.<\/p>\n<hr \/>\n<h6><em>Currencylive.com<\/em><em> is a news site only and not a currency trading platform.<\/em><\/h6>\n<h6><em>Currencylive.com is a site operated by TransferWise Inc. (&#8220;We&#8221;, &#8220;Us&#8221;), 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 currencylive.com do not represent our views.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"<p>The US dollar declined versus the Canadian dollar for the third consecutive week last week. The US dollar Canadian dollar exchange rate slipped 0.7% closing the week at 1.3178. The US dollar is slipping lower in early trade at the start of the new week. The US dollar declined across the previous week following a [&hellip;]<\/p>\n","protected":false},"author":163946597,"featured_media":4377,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1694,1381],"tags":[1680,1683,1399,1870,1408,1438,1690,1457,1454,1479,1431,1400,1397,1398],"class_list":{"0":"post-83702","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cad","8":"category-usd","9":"tag-cad","10":"tag-canadian-dollar","11":"tag-china","12":"tag-exchange-rates","13":"tag-fed","14":"tag-federal-reserve","15":"tag-forex","16":"tag-manufacturing","17":"tag-pmi","18":"tag-trade-talks","19":"tag-trade-war","20":"tag-trump","21":"tag-us-dollar","22":"tag-usd"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>USD\/CAD: Trade Deal Weighs On US Dollar - 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