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Market News USD/CAD expanded its decline below 1.27, dragged down by a series of factors

USD/CAD expanded its decline below 1.27, dragged down by a series of factors

In the North American market on September 15th, the USD/Canadian dollar expanded its decline below 1.2700, which was mainly dragged down by three factors.

LEO

2021-09-15

9701

In the North American market on Wednesday (September 15), the US dollar/Canadian dollar expanded its decline below 1.2700. Previously, Canada's August CPI was better than expected, while the US's August industrial output was weaker than expected. The surge in crude oil prices also put pressure on the exchange rate.

A series of factors failed to help the U.S. dollar to Canadian dollar to expand the previous day’s rebound from the 1.2600 volatility low after the US CPI data. Instead, it suffered some selling pressure on Wednesday. Crude oil prices rose more than 3% in the day to support the commodity-related Canadian dollar. In addition, the selling preference of the US dollar has once again risen, which constitutes resistance to the trend of the US dollar against the Canadian dollar.

The monthly rate of industrial output in the United States was only 0.4% in August, which was less than the expected 0.5%, which kept the dollar under pressure. The market was about to announce the bet on the Fed's upcoming FOMC monetary policy meeting on September 20-21 to reduce the scale of debt purchases. Reduce. From the potential risk sentiment, it can be clearly seen that the Fed's repricing of the possible timing of the reduction of bond purchases has weakened the safe-haven demand for the U.S. dollar.

In addition, Canada’s August CPI rose 4.1% annually, which was better than the expected rise of 3.9%. The previous value rose 3.7%. In August, the core CPI average annual rate rose 1.8%, which was in line with expectations. The previous value rose 1.7%. The data helped boost the Canadian dollar and put new downward pressure on the exchange rate.

Traders will further look for clues from the global oil price dynamics and seize some short-term trading opportunities in the US dollar against the Canadian dollar.

The initial resistance at the top is concerned with 1.2728, 1.2807 and 1.2881, and the initial support at the bottom is concerned with 1.2591, 1.2525 and 1.2480.

(Daily chart of USD/Canadian dollar)

At 22:56 GMT+8, the US dollar was quoted at 1.2649 against the Canadian dollar.