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.