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Market News USD/CAD Maintains Gains Near Two-Week High, Above 1.3500, Despite Modest USD Strength

USD/CAD Maintains Gains Near Two-Week High, Above 1.3500, Despite Modest USD Strength

USD/CAD rises to its highest level in nearly two weeks, supported by a number of factors. The recent decline in Crude Oil prices continues to weaken the Canadian dollar and serves as a tailwind. The USD re-approaches its weekly peak on the back of expectations for additional Fed rate increases and a milder risk tone.

Daniel Rogers

2023-04-23

10694

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During the first half of the European session on Friday, the USD/CAD pair reaches a high of around 1.3535, its highest level in nearly two weeks. This is the third consecutive day of gains for the USD/CAD pair, which also marks the fifth consecutive day of gains in the previous six.

Concerns that a deepening global economic crisis will reduce fuel demand and weaken the commodity-linked Canadian dollar have caused crude oil prices to stagnate near their monthly low. Aside from this, signals of moderating consumer inflation in Canada weaken the Canadian Dollar and help the USD/CAD pair build on its recent rebound from the 1.3300 level, or last Friday's two-month low. Together with the emergence of new US Dollar (USD) purchasing, this functions as a tailwind for the major currency.

In fact, the USD Index, which measures the value of the U.S. dollar relative to a basket of other currencies, advances closer to the weekly high as the Federal Reserve (Fed) tightens monetary policy. In fact, the markets appear confident that the US central bank will raise interest rates by 25 basis points in May and have priced in a small possibility of a second rate increase in June. This, coupled with a generally weakened tone on equity markets, bolsters the dollar's safe-haven status.

Friday's subsequent increase may also be attributed to technical purchasing above the psychological 1.3500 level. This, along with the aforementioned fundamental environment, suggests that the USD/CAD pair's path of least resistance is to the upside. The USD demand will be driven by the immediate US PMI readings, US bond yields, and the broader risk sentiment, according to traders. In addition, the dynamics of the oil price should provide some impetus for the major.