USD/CAD strengthens above 1.3800 ahead of US GDP release
The post USD/CAD strengthens above 1.3800 ahead of US GDP release appeared on BitcoinEthereumNews.com. USD/CAD drifts higher to around 1.3835 in Thursday’s early Asian session. Fed is well positioned to wait for more clarity on inflation and the economy, according to the FOMC Minutes. Higher Crude Oil prices might cap the upside for the pair. The USD/CAD pair edges higher to near 1.3835 during the early Asian session on Thursday, bolstered by a stronger US Dollar (USD). The second estimate of the US Q1 Gross Domestic Product (GDP) Growth Rate will take center stage later in the day, followed by the weekly Initial Jobless Claims and Pending Home Sales. Minutes from the Federal Open Market Committee’s (FOMC) latest policy meeting showed on Wednesday that Federal Reserve (Fed) officials broadly agreed that heightened economic uncertainty justified their patient approach to interest-rate adjustments. Fed officials highlighted the need to keep interest rates on hold for some time, as policy shifts in the US cloud the economic outlook. The upbeat US economic data released earlier this week also boosted the Greenback. The US Conference Board Consumer Confidence Index climbed to 98.0 in May from 86.0 in April (revised from 85.7). Traders will also keep an eye on the Canadian GDP data on Friday for fresh impetus. The Canadian GDP is expected to grow at an annualized rate of 1.7% in the first quarter. This figure could guide expectations for the Bank of Canada (BoC) policy decision. Meanwhile, a rise in Crude Oil prices might underpin the commodity-linked Loonie and cap the upside for the pair. It’s worth noting that Canada is the largest oil exporter to the US, and higher crude oil prices tend to have a positive impact on the CAD value. 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,…
The post USD/CAD strengthens above 1.3800 ahead of US GDP release appeared on BitcoinEthereumNews.com.
USD/CAD drifts higher to around 1.3835 in Thursday’s early Asian session. Fed is well positioned to wait for more clarity on inflation and the economy, according to the FOMC Minutes. Higher Crude Oil prices might cap the upside for the pair. The USD/CAD pair edges higher to near 1.3835 during the early Asian session on Thursday, bolstered by a stronger US Dollar (USD). The second estimate of the US Q1 Gross Domestic Product (GDP) Growth Rate will take center stage later in the day, followed by the weekly Initial Jobless Claims and Pending Home Sales. Minutes from the Federal Open Market Committee’s (FOMC) latest policy meeting showed on Wednesday that Federal Reserve (Fed) officials broadly agreed that heightened economic uncertainty justified their patient approach to interest-rate adjustments. Fed officials highlighted the need to keep interest rates on hold for some time, as policy shifts in the US cloud the economic outlook. The upbeat US economic data released earlier this week also boosted the Greenback. The US Conference Board Consumer Confidence Index climbed to 98.0 in May from 86.0 in April (revised from 85.7). Traders will also keep an eye on the Canadian GDP data on Friday for fresh impetus. The Canadian GDP is expected to grow at an annualized rate of 1.7% in the first quarter. This figure could guide expectations for the Bank of Canada (BoC) policy decision. Meanwhile, a rise in Crude Oil prices might underpin the commodity-linked Loonie and cap the upside for the pair. It’s worth noting that Canada is the largest oil exporter to the US, and higher crude oil prices tend to have a positive impact on the CAD value. 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,…
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