Forex
Canadian Dollar Falls to Multi-Week Lows Amid US Dollar Rally
The Canadian dollar has been under pressure this week, trading near multi-week lows due to a strong US dollar rally and rising US Treasury yields.
Around 8:54 am ET on Friday, the USD/CAD exchange rate was at C$1.4149, up about 0.08% from the day's opening price of C$1.4147.
The recent weakening trend in the Canadian currency has been attributed to broad US dollar strength and weak Canadian retail sales, which weighed on sentiment throughout the week.
The latest pressure is largely coming from the US rate market, with surging Treasury yields and expectations of further Federal Reserve rate increases boosting demand for the greenback.