USD/CAD extends its losses for the second successive day, hovering around 1.3710 during the European session on Thursday. This improved risk appetite supports risk-sensitive currencies like the Canadian Dollar (CAD), consequently, undermining the USD/CAD pair.
On Wednesday, the Federal Reserve (Fed) decided to maintain interest rates at the range of 5.25%-5.50% in May’s meeting, as highly expected. Additionally, the US Dollar (USD) faced challenges after Federal Reserve Chairman Jerome Powell dismissed the likelihood of a further interest rate hike during the Federal Open Market Committee (FOMC) conference, as per a Reuters report.
Fed Chair Powell emphasized that progress on inflation has recently stalled, indicating that it would require more time than previously anticipated for the Fed to be confident in reaching its 2% target. Powell suggested that if strong hiring continues and inflation remains subdued, it would warrant delaying rate cuts.
In Canada, according to a Reuters report on Wednesday, Bank of Canada (BoC) Governor Tiff Macklem said that the BoC is reaching a point where it could begin reducing interest rates from their current 23-year highs. Speaking to the Senate Banking Committee, Macklem mentioned that inflation was declining and Canadians were eager to know when the central bank would initiate interest rate cuts.
Additionally, the uptick in crude Oil prices supported the Loonie Dollar as Canada is the largest oil exporter to the United States (US). West Texas Intermediate (WTI) Oil price inches higher to near $79.30 per barrel, by the press time. The prices of crude Oil have rebounded on the anticipation that lower levels could encourage the United States, the world's largest crude consumer, to begin replenishing its strategic reserve.
Overview | |
---|---|
Today last price | 1.3716 |
Today Daily Change | -0.0023 |
Today Daily Change % | -0.17 |
Today daily open | 1.3739 |
Trends | |
---|---|
Daily SMA20 | 1.3695 |
Daily SMA50 | 1.36 |
Daily SMA100 | 1.3505 |
Daily SMA200 | 1.3549 |
Levels | |
---|---|
Previous Daily High | 1.3783 |
Previous Daily Low | 1.3703 |
Previous Weekly High | 1.3753 |
Previous Weekly Low | 1.3635 |
Previous Monthly High | 1.3846 |
Previous Monthly Low | 1.3478 |
Daily Fibonacci 38.2% | 1.3734 |
Daily Fibonacci 61.8% | 1.3753 |
Daily Pivot Point S1 | 1.3701 |
Daily Pivot Point S2 | 1.3662 |
Daily Pivot Point S3 | 1.3621 |
Daily Pivot Point R1 | 1.378 |
Daily Pivot Point R2 | 1.3822 |
Daily Pivot Point R3 | 1.386 |
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