USD/CAD steadies amid US Dollar weakness, lower Oil prices
- USD/CAD trades around 1.3665, lacking clear direction at the start of the week.
- Fresh selling pressure on the US Dollar caps upside attempts.
- Lower Oil prices weigh on the Canadian Dollar, offsetting Greenback weakness.
USD/CAD trades around 1.3665 on Monday at the time of writing, virtually unchanged on the day. The pair is attempting to stabilize following last week’s late pullback from a monthly high, but it remains below the psychological 1.3700 threshold.
The US Dollar (USD) starts the week on a softer footing, extending its retreat after recently hitting its highest level since January. US President Donald Trump’s announcement of a 15% global tariff revives so-called “sell America” flows, fueling concerns about trade policy stability and growth prospects. This backdrop weighs on the Greenback and limits rebound attempts in USD/CAD.
At the same time, US macroeconomic data send mixed signals. Factory Orders declined by 0.7% in December on a monthly basis, missing expectations and adding to doubts about economic momentum. Meanwhile, Federal Reserve (Fed) Governor Christopher Waller expressed support for a 25 basis point rate cut, citing a gradual weakening in the labor market.
In parallel, Crude Oil prices retreat after recently touching a more than six-month high. Concerns about the economic fallout from the trade war and its potential impact on fuel demand weigh on the energy complex. As Canada is a major Oil exporter, energy price dynamics have a direct influence on the Canadian Dollar (CAD). The pullback in Crude weakens the Loonie and provides relative support to USD/CAD, partly offsetting US Dollar softness.
Geopolitical developments add another layer of uncertainty. According to press reports, Washington is considering limited strikes against Iran if negotiations over its nuclear program fail. Any escalation in the Middle East could reignite volatility in the Oil market and, by extension, in the Canadian Dollar.
Canadian Dollar Price Today
The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.13% | -0.04% | -0.49% | 0.03% | 0.34% | 0.22% | -0.20% | |
| EUR | 0.13% | 0.08% | -0.38% | 0.16% | 0.46% | 0.33% | -0.07% | |
| GBP | 0.04% | -0.08% | -0.46% | 0.07% | 0.39% | 0.24% | -0.15% | |
| JPY | 0.49% | 0.38% | 0.46% | 0.54% | 0.85% | 0.73% | 0.32% | |
| CAD | -0.03% | -0.16% | -0.07% | -0.54% | 0.31% | 0.18% | -0.23% | |
| AUD | -0.34% | -0.46% | -0.39% | -0.85% | -0.31% | -0.12% | -0.54% | |
| NZD | -0.22% | -0.33% | -0.24% | -0.73% | -0.18% | 0.12% | -0.42% | |
| CHF | 0.20% | 0.07% | 0.15% | -0.32% | 0.23% | 0.54% | 0.42% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Canadian Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent CAD (base)/USD (quote).
Author
Ghiles Guezout
FXStreet
Ghiles Guezout is a Market Analyst with a strong background in stock market investments, trading, and cryptocurrencies. He combines fundamental and technical analysis skills to identify market opportunities.
