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Market News The USD/CAD Pair Gains Modestly above 1.3650 in Advance of Canadian GDP Data

The USD/CAD Pair Gains Modestly above 1.3650 in Advance of Canadian GDP Data

Tuesday, USD/CAD trades on a stronger note near 1.3665. On Wednesday, the FOMC is widely anticipated to maintain interest rates within its current range of 5.25%–5.50%. The continued decline in oil prices has a negative impact on the commodity-linked Loonie.

TOP1 Markets Analyst
2024-04-30
7047

 USD:CAD 2.jpeg

 

The USD/CAD pair posts modest gains during early Asian trading hours on Tuesday, near 1.3665. A slight recovery in the value of the US Dollar (USD) offers some assistance to the pair. Concurrently, the depreciation of oil prices has a negative impact on the commodity-linked Loonie. Speculators will closely monitor the Gross Domestic Product (GDP) growth figure for Canada in February. The focus will then transition to the interest rate decision made by the Federal Open Market Committee (FOMC) on Wednesday.

 

Rate cuts are not regarded as an urgent matter by policymakers at the US Federal Reserve (Fed). Governor of the Federal Reserve Michelle Bowman described "upside risks" associated with inflation. Neel Kashkari, president of the Federal Reserve Bank of Minneapolis, expressed the possibility that no rate decreases will occur this year. Raphael Bostic of the Atlanta Fed stated that he might consider raising them if inflation worsens. The direction of interest rates maintained by the US Federal Reserve indefinitely strengthens the US dollar and generates a tailwind for the USD/CAD pair.

 

It is widely anticipated that the FOMC will maintain interest rates within their current range of 5.25%–5.50% on Wednesday. The impact of the FOMC's statement and press conference will be keenly observed by investors. If the US central bank maintains its hawkish stance, the USD could strengthen and foreign capital inflows could increase. Conversely, the dovish tone could potentially generate selling pressure on the dollar.

 

Traders on the Loonie anticipate that the Bank of Canada (BoC) will postpone the implementation of its policy rate reduction until June or July. The February monthly Gross Domestic Product (GDP) data could provide insight into the performance of the Canadian economy. If the report indicates weaker-than-anticipated data, the Bank of Canada (BoC) could potentially accelerate interest rate decreases, which would be detrimental to the CAD. In the interim, the Loonie could potentially experience selling pressure due to the continued decline in oil prices, given that Canada is the leading exporter of petroleum oil to the United States (US).

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