USD/CAD falls to near 1.3900 amid higher crude Oil prices, US election in focus
The post USD/CAD falls to near 1.3900 amid higher crude Oil prices, US election in focus appeared on BitcoinEthereumNews.com.
USD/CAD depreciates as the commodity-linked CAD gains ground due to the higher Oil prices. OPEC+ has extended its production cut of 2.2 million barrels per day through the end of December 2024. The recent polls indicate a tight race between Democratic candidate Kamala Harris and Republican nominee Donald Trump across seven states. USD/CAD offers gains from the previous two days, trading around 1.3900 during the Asian hours on Monday. The commodity-linked Canadian Dollar (CAD) receives support from the higher Oil prices, which could be attributed to the delay in a planned output increase by the OPEC+ coalition, which includes the Organization of the Petroleum Exporting Countries and its allies, such as Russia. West Texas Intermediate (WTI) Oil price appreciated around 2% on Monday, trading around $70.50 per barrel during Asian hours. On Sunday, the OPEC+ alliance agreed to extend its production cut of 2.2 million barrels per day (bpd) through the end of December 2024. citing weak demand and rising supply outside the group. Additionally, the member countries reaffirmed their commitment to “achieve full conformity” with production targets and to compensate for any overproduction by September 2025. Traders are closely watching the upcoming US presidential election on Tuesday, as the final New York Times/Siena College poll shows Vice President Kamala Harris with slight leads in Nevada, North Carolina, and Wisconsin, while former President Donald Trump holds a narrow edge in Arizona. The candidates are in close contests in Michigan, Georgia, and Pennsylvania. Conducted from October 24 to November 2, the poll indicated that all matchups in seven battleground states fall within a 3.5% margin of error. In addition to the election, traders are also focused on the upcoming US Federal Reserve (Fed) policy decision, with expectations of a modest 25 basis point rate cut this week. The CME FedWatch Tool…
Filed under: News - @ November 4, 2024 6:19 am