USD/CAD trades around 1.3850, two-month highs, traders adopt caution ahead of US election
The post USD/CAD trades around 1.3850, two-month highs, traders adopt caution ahead of US election appeared on BitcoinEthereumNews.com.
USD/CAD holds ground near its two-month high of 1.3868, reached on Thursday. The US Dollar receives support due to rising bets of a potential second term for former President Donald Trump. The weakening of the commodity-linked CAD is bolstered by lower Oil prices. The USD/CAD pair maintains its position on two consecutive days of gains, trading around 1.3850 during the Asian session on Friday. This level is near its two-month peak of 1.3868, reached on Thursday. The pair’s strength can be linked to the robust performance of the US Dollar (USD), driven by rising expectations that the Federal Reserve will take a less aggressive approach to interest rate cuts than previously thought. Additionally, the Greenback is bolstered by increasing speculation regarding a potential second term for former President Donald Trump in the upcoming US presidential election in November, particularly due to inflationary policies that include higher tariffs and lower taxes. On Thursday, Republican nominee Donald Trump returned to his familiar reality show catchphrase during an event in Las Vegas, Nevada. Trump stated, “Under the Trump administration, we’re going to build an economy that lifts up all Americans, including African Americans, Hispanic Americans, and also members of our great Asian American and Pacific Islander community, many of whom are here today,” as reported by Reuters. Meanwhile, Vice President Kamala Harris enjoyed the backing of rock legend Bruce Springsteen, entertainer Tyler Perry, and former President Barack Obama at a rally in Georgia, which attracted thousands of supporters in this key battleground state. The commodity-linked Canadian Dollar (CAD) may continue to weaken amid declining crude Oil prices, as Canada is the largest oil exporter to the United States (US). As of now, West Texas Intermediate (WTI) Oil price is experiencing its third consecutive day of losses, trading around $70.20 per barrel. Traders are…
Filed under: News - @ October 25, 2024 5:28 am