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Forex

Canadian Dollar Weakens Ahead of Fed Decision and Oil Price Slump

Guavy AI Editorial Team
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USD CAD
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The Canadian Dollar has weakened due to various factors, including the US Federal Reserve's upcoming policy decision and soft crude oil prices. The USD/CAD pair is trading near a two-week high of 1.4120, with market participants awaiting the FOMC policy announcement for guidance on the US Dollar's next move.

The dovish Bank of Canada tone and trade concerns are also weighing on the Canadian Dollar, reinforcing the case for an extension of USD/CAD's rebound from a one-month low.

DBS Group Research notes that markets have been in a flux due to shifting geopolitical headlines, particularly the US-Iran conflict. Additionally, investors are cautious about bringing interest rates lower until fresh policy signals emerge.

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