The US currency, which has little velocity, and the price of crude oil are closely tracked by the Canadian dollar. The USD\/CAD pair is essentially flat for the day on Thursday, falling 0.2% at its low point, and it appears that consolidation is imminent near 1.3500. The final figures for Canada’s Gross Domestic Product round up a trading week with scant economic data.
In comparison to the previous month’s -0.2%, the Canadian GDP for July is expected to register at a pitiful 0.1%. The broad-market US Dollar Index (DXY) and oil prices are expected to continue to be the primary movers of the CAD on the charts. The USD\/CAD is currently down 1.5%, with the soaring DXY winning the short-term head-to-head competition with crude oil prices. The Canadian GDP is reportedly struggling to maintain growth while inflation is still persistent.
BoC policymakers have been threatening higher interest rates as a way to intimidate inflation downward. Canada exported more over $120 billion USD worth of crude in 2022, making it the second-largest oil exporter in the world in terms of dollars. The majority of the momentum for the Canadian dollar is controlled by oil prices.
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The US currency, which has little velocity, and the price of crude oil are closely tracked by the Canadian dollar. The USD\/CAD pair is essentially flat for the day on Thursday, falling 0.2% at its low point, and it appears that consolidation is imminent near 1.3500. The final figures for Canada’s Gross Domestic Product round …<\/p>\n","protected":false},"author":13,"featured_media":70532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6889,194,6871,7015],"class_list":["post-90150","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-cad","tag-gdp","tag-usd","tag-usd-cad"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=90150"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90150\/revisions"}],"predecessor-version":[{"id":90161,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/90150\/revisions\/90161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70532"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=90150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=90150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=90150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}