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The Forex USD/CAD price continues to strengthen due to the policy of the US Federal Reserve aimed at tightening the parameters of the national monetary policy, and the pair USD/CAD is trading around 1.2995.
What’s happened to the USD/CAD Forex chart?
Last week, the regulator decided to raise the interest rate by 75 basis points to 1.75%, as a result of which the US dollar strengthened against the Canadian currency (see the USD/CAD Forex chart above) and updated the May maximum of 1.3065. Bidders evaluate the results of the meetings of the world’s leading central banks, which were largely unexpected. For example, the US Federal Reserve announced it was raising interest rates by 75 basis points for the first time since 1994.
On the same day, the European Central Bank (ECB) convened an emergency meeting at which it actually began to prepare for a rate adjustment in July, fearing that an increase in the cost of borrowing in the debt market could have an extremely negative impact on the economic growth dynamics. Finally, the Swiss National Bank raised the value by 50 basis points at once, keeping it, nevertheless, at negative values.
Forex CAD/USD: inevitable downtrend
Meanwhile, the Canadian dollar is declining following oil prices: WTI Crude Oil lost 7.7% last week and it looks like the negative dynamics for CAD/USD Forex futures will only intensify.
In turn, the house price index lost 0.8% for the month after falling 1.1% in April, but it is still more than 19% higher than last year, mainly due to the impressive growth of Forex CAD/USD price seen at the end of 2021.
What impacts the USD/CAD live Forex chart these days?
As for the USD/CAD Forex forecast, the focus of the market will be a block of statistics from the US on the dynamics of industrial production and capacity utilization in June. What also says about the strength of the USD/CAD live Forex chart is Canada’s new report. The data on the volume of investment in foreign securities, as well as the May index of prices for industrial products and raw materials, will make the CAD/USD Forex futures fall even lower. Also you can see Usd CHF forecast and Tsla stock price.
