The post USD/CAD declines for second day after Kamala comeback appeared on BitcoinEthereumNews.com.

USD/CAD falls as the US Dollar weakens following a late-stage comeback by Kamala Harris in Republican safe-State Iowa.   A Harris win would be negative for USD whilst a Trump victory would strengthen the Dollar, say analysts.  The Canadian Dollar labors under a black cloud of fundamentals including a weak economy and falling Oil prices.  USD/CAD trades down by about three-tenths of a percent in the 1.3860s on the day of the US presidential election. This comes as the US Dollar (USD) weakens after a late surge in the polls for Democrat nominee Kamala Harris puts the election on a knife edge. Last week former President Donald Trump was ahead, albeit by a small margin.  The prior expectation that Trump would win contributed to pushing the USD/CAD to a new high for the year of 1.3959 on November 1, however, Harris’ late showing in the usually safe Republican State of Iowa – according to the reputedly accurate Ann Selzer poll – has led to a sell-off in the USD and the Loonie pair on Monday and Tuesday.  USD/CAD Daily Chart Markets are forecasting that a Harris win will be negative for the US Dollar whilst a victory for Donald Trump will have the oposite impact. Trump’s threats of putting tariffs on foreign imports and his inflationary tax cuts are the two main reasons – under Harris there would be no risk of tariffs. The prediction model of the highly-rated election website 538.com is showing a 50% probability of Vice President Harris winning whilst former President Donald Trump has a 49% chance of victory. The model gives a 1% chance of there being no overall winner.  The election uncertainty combined with the proximity of the Federal Reserve (Fed) November 6-7 meeting is putting further pressure on USD/CAD. Some analysts are speculating that the…

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Filed under: News - @ November 5, 2024 5:28 pm