Noor Trends News, Technical Analysis, Educational Tools and Recommendations
USD/CAD is advancing during the New York session, up 0.19%, trading at 1.2393. An upbeat market sentiment surrounds the market portrayed by US equity indexes rising between 0.17% and 0.92%.
Western Texas Intermediate, the US benchmark for crude oil, which significantly influences the Canadian dollar, is rising 0.61%, trades at $81.42, failing to lift the CAD. Meanwhile, the US Dollar has managed to trim some weekly losses, and has risen above the 94.00 threshold.
The US Dollar Index that tracks USD’s performance against a basket of rivals advances 0.03%, currently at 94.01, underpinned by the US 10-year Treasury yield, which rises almost 6 basis points, settling so far at 1.574%.
On Friday, the Bank of Canada Governor Tim Macklem warned that the faster pace of price increases may stay longer than expected and may slow the pace of Canada’s economic recovery, as global supply chain shortages could highly impact the Canadian economy.
