CAD Hits Fresh Lows as US Dollar Regains Safe-Haven Status
The Canadian Dollar has hit fresh two-week lows against the US Dollar amid rising global yields and growing expectations of an immediate Federal Reserve rate hike.
The USD/CAD pair has reached fresh two-week highs above 1.3920 ahead of the Bank of Canada's interest rate decision, expected to be left unchanged at 2.25%.
The US Dollar has regained its safe-haven status this week as investors remain confident that the Federal Reserve will hike interest rates at its September meeting, with Fed funds futures pricing in a 67% chance of a 25bps hike on September 16.