USD/CAD

The US dollar strengthened in early June 2024 after a robust May jobs report exceeded expectations, adding 272,000 positions and supporting wage growth. This boosted confidence in the Federal Reserve maintaining higher rates longer, dampening rate cut bets. Meanwhile, Canada’s weaker labor data and falling oil prices pressured the loonie. The Bank of Canada responded with a rate cut, contributing to USD/CAD moving higher as divergence in economic outlooks drives forex market momentum.

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The Canadian dollar is losing ground against the US dollar as USD/CAD nears the monthly high around 1.3875. Strength in US economic data, hawkish Fed signals, and safe-haven demand are boosting the USD, while softer Canadian growth and volatile oil prices weigh on the loonie. Market focus remains on interest rate expectations and technical resistance near 1.3900.

Bank of America maintains a neutral outlook on USD/CAD amid mixed economic data from both Canada and the U.S. Slowing Canadian growth and cautious Bank of Canada policy contrast with a still-strong U.S. dollar and Fed uncertainty, suggesting range-bound trading ahead. Traders should watch inflation trends and central bank signals closely.

Bank of America maintains a neutral outlook on USD/CAD amid mixed signals: moderate oil price influence, divergent Fed and BoC policies, and expectations of broader USD weakness in H2 2024—resulting in a balanced near-term outlook for the currency pair. Original analysis by BitcoinWorld.co.in.

Bank of America signals a neutral outlook on USD/CAD, citing converging monetary policies, limited Bank of Canada rate cut expectations, and stable economic conditions. With subdued FX volatility and balanced oil price influence, the currency pair is expected to trade within a narrow range in the near term.

USD/CAD retreats from recent highs, trading near 1.3861 amid mixed market sentiment. Strength in the U.S. dollar meets pressure from softer oil prices and a dovish Bank of Canada outlook. Traders await this week’s economic data for clearer guidance. #Forex #USDCAD

Bank of America shifts to neutral on USD/CAD as the Canadian dollar nears its fair value. With monetary policy divergence fading and U.S. dollar strength peaking, BofA sees limited upside for the pair. Traders should watch oil prices and economic data for the next moves. #Forex #USDCAD

The Canadian Dollar continues to weaken against a strengthening US Dollar in early 2024, driven largely by resilient USD demand and mixed global economic signals. Scotiabank highlights that broad USD strength—not Canadian fundamentals—is the main factor pressuring CAD, as commodity price volatility and cautious central bank stances keep markets on edge. Traders should watch US economic data and oil prices for clues on the CAD outlook moving forward.

Gold prices are under pressure as investors accelerate profit-taking ahead of the crucial US Non-Farm Payrolls report. Market participants await the data that could impact Federal Reserve policy, while a stronger US dollar and rising Treasury yields add to downside risks. Geopolitical tensions continue to support gold amid broader uncertainties.