Canadian Dollar remains under pressure as USD/CAD flirts with 1.4000
USD/CAD trades around 1.3980 on Thursday at the time of writing, little changed on the day and hovering near the psychological 1.4000 level. The US Dollar (USD) remains supported by better-than-expected employment data, while the Canadian Dollar (CAD) continues to face pressure from weak Oil prices.
The Canadian Dollar remains under pressure as the USD/CAD exchange rate hovers near the psychological 1.4000 level. The US Dollar's strength is supported by better-than-expected employment data, while Canada's weaker Oil prices add to the Loonie's downward pressure. The US Department of Labor reported a drop in Initial Jobless Claims, suggesting a resilient US labor market that may keep the Federal Reserve from raising interest rates further.
In contrast, the Bank of Canada is expected to maintain interest rates unchanged amid economic uncertainties from trade tensions with the United States. As a major energy exporter, weaker Oil prices continue to negatively impact the Canadian Dollar.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
