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USD/CAD attracts some sellers to near 1.4350 ahead of US PPI release
The post USD/CAD attracts some sellers to near 1.4350 ahead of US PPI release appeared on BitcoinEthereumNews.com. USD/CAD edges lower to around 1.4355 in Tuesday’s early Asian session. A rise in crude oil prices boosts the commodity-linked Loonie. The stronger-than-expected US December NFP dampened the outlook for Fed rate cuts, which might lift the USD. The USD/CAD pair weakens to near 1.4355 during the early Asian session on Tuesday. A rise in crude oil prices amid further US sanctions to Russian oil underpins the commodity-linked Canadian Dollar (CAD) against the Greenback. Later on Tuesday, the US Producer Price Index (PPI) for December will take center stage. Crude oil prices extend the rally to the highest in four months following the introduction of a fresh package of sanctions against Russia by the Biden administration. This, in turn, provides some support to the Loonie and acts as a headwind for the pair. It’s worth noting that Canada is the largest oil exporter to the United States (US), and higher crude oil prices tend to have a positive impact on the CAD value. On the other hand, the prospect of fewer interest rate cuts by the US Federal Reserve (Fed) this year might boost the Greenback. Friday’s data showed US job growth unexpectedly accelerated in December and the Unemployment Rate fell to 4.1%, supporting the case for delaying the easing cycle this year. Markets are now pricing in one rate cut from the Fed in 2025, down from roughly two quarter-point cuts priced at the start of the year. Canadian Dollar FAQs The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking…
The post USD/CAD attracts some sellers to near 1.4350 ahead of US PPI release appeared on BitcoinEthereumNews.com.
USD/CAD edges lower to around 1.4355 in Tuesday’s early Asian session. A rise in crude oil prices boosts the commodity-linked Loonie. The stronger-than-expected US December NFP dampened the outlook for Fed rate cuts, which might lift the USD. The USD/CAD pair weakens to near 1.4355 during the early Asian session on Tuesday. A rise in crude oil prices amid further US sanctions to Russian oil underpins the commodity-linked Canadian Dollar (CAD) against the Greenback. Later on Tuesday, the US Producer Price Index (PPI) for December will take center stage. Crude oil prices extend the rally to the highest in four months following the introduction of a fresh package of sanctions against Russia by the Biden administration. This, in turn, provides some support to the Loonie and acts as a headwind for the pair. It’s worth noting that Canada is the largest oil exporter to the United States (US), and higher crude oil prices tend to have a positive impact on the CAD value. On the other hand, the prospect of fewer interest rate cuts by the US Federal Reserve (Fed) this year might boost the Greenback. Friday’s data showed US job growth unexpectedly accelerated in December and the Unemployment Rate fell to 4.1%, supporting the case for delaying the easing cycle this year. Markets are now pricing in one rate cut from the Fed in 2025, down from roughly two quarter-point cuts priced at the start of the year. Canadian Dollar FAQs The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada’s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada’s exports versus its imports. Other factors include market sentiment – whether investors are taking…
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