- USD/CAD drops as the US Dollar slumps on firm Fed rate-cut prospects.
- Fears of the US entering a recession ebb due to upbeat US Retail Sales data for July.
- Weak Oil prices have weighed on the Canadian Dollar.
The USD/CAD pair falls slightly but holds key support of 1.3700 in Friday’s New York session. The Loonie asset drops as the US Dollar (USD) falls sharply after failing to hold Thursday’s recovery. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, slumps to near 102.70.
The Greenback has come under pressure as the confidence of investors seems to have increased that the Federal Reserve (Fed) will start reducing interest rates from the September meeting. Market expectations for firm Fed rate cuts rose after the United States (US) Consumer Price Index (CPI) report for July indicated that price pressures are on track to return to the desired rate of 2%.
Meanwhile, traders pare bets supporting the Fed reducing interest rates in September with an aggressive approach as risks of potential recession ebbed after upbeat US Retail Sales data for July and lower-than-expected Initial Jobless Claims for the week ending August 9.
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