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Forex

USD Gains Momentum Against CAD as Fed Rate Hike Bets Rise

Guavy AI Editorial Team
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USD CAD
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The US Dollar has gained momentum and is targeting the 1.3940 area against the Canadian Dollar, as investors ramp up bets on a Federal Reserve rate hike on Wednesday.

The USD/CAD pair has pierced resistance at the 1.3870 area, with bulls aiming for the monthly high at 1.3940 and possibly higher.

Analysts at ING argue that a Fed rate hike would back up the central bank's monetary policy credibility and take some steam out of the debasement trade.

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