Canadian Dollar loses ground as higher interest rates in the US and expectations of more hikes favor the US Dollar.
A triennial OPEC conference of Oil bigwigs gets underway though media coverage is limited.
The longer-term uptrend may be experiencing the start of a new upcycle if the daily highs can be held.
Canadian Dollar (CAD) is weakening versus the US Dollar (USD) on Wednesday, depressed by the view that interest rates will rise further in the US compared to Canada.
According to predictions from Trading Economics, base interest rates – set by each nation's central banks – are likely to rise by 0.25% in Canada compared to 0.50% in its Southern neighbor. Since relatively higher interest rates attract greater capital inflows, USD is set to benefit more than CAD.
A major Organization of the Petroleum Exporting Countries (OPEC) conference is underway, which could affect Oil prices, whilst Crude traders will also be keenly awaiting American Petroleum Institute (API) data. Both could impact the Canadian Dollar (CAD).
USD/CAD is trading in the upper 1.32s on Wednesday during the US session.
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