Bearish
USD/CAD edges lower to 1.4095 as oil prices retreat and Fed rate decision looms.
In the past 24 hours, the Canadian dollar has weakened against the U.S. dollar, trading at 1.4095, influenced by a pullback in oil prices and anticipation of the Federal Reserve's upcoming interest rate decision. The loonie also declined 0.5% for the week, ending two consecutive weeks of gains, amid U.S. threats to impose 50% tariffs on a range of Canadian goods.
Key points
- Oil prices fell 3.8% to $88.72 a barrel, impacting the Canadian dollar.
- U.S. imposed new tariffs of 10% and 12.5% on goods from 60 trading partners, including Canada.
- Investors await the Federal Reserve's interest rate decision next week.
Sources
AI-generated from public news sources. Not financial advice.
