USD/CAD Pair Reaches Two-Month Lows as CAD Struggles to Regain Momentum
The USD/CAD pair continues its bullish trend, trading near two-month lows as the Canadian Dollar struggles to regain momentum. The pair has been steadily increasing in value over the past four weeks, with the current price hovering around 1.4235.
The Bank of Canada's dovish policy stance and US-Canada trade tensions have contributed to the CAD's underperformance, while the recent decline in crude oil prices has further weakened the Loonie. The US Dollar, on the other hand, remains strong due to its high interest rates and a bullish market sentiment.
Market analysts are expecting a continued upward trend for the USD/CAD pair, with potential targets including 1.4200 and 1.4170-1.4165 before reaching 1.4100. The upcoming US economic data releases, including the Weekly Initial Jobless Claims and ISM Manufacturing PMI, will be closely watched to gauge the dollar's strength.