- USD/CAD drifts lower for the third straight day, albeit lacks follow-through.
- An uptick in Oil prices underpins the Loonie and exerts pressure on the pair.
- A goodish pickup in the USD demand to lend some support and limit losses.
The USD/CAD pair sticks to its modest intraday losses during the early European session on Wednesday and currently trades around the 1.3775-1.3770 region. Spot prices, however, manage to hold above a two-week low touched on Tuesday, warranting some caution before positioning for an extension of this week's sharp retracement slide from the vicinity of mid-1.3900s, or a nearly two-year high.
Crude Oil prices gain some positive traction and for now, seem to have snapped a four-day losing streak to the lowest level since early February. This, in turn, is seen underpinning the commodity-linked Loonie and exerting some downward pressure on the USD/CAD pair for the third straight day. That said, concerns about an economic downturn in the US and China – the world's two largest economies – act as a headwind for the black liquid.
Apart from this, a goodish pickup in the US Dollar (USD) demand, bolstered by an uptick in the US Treasury bond yields, turns out to be another factor lending some support to the USD/CAD pair. Meanwhile, a generally positive tone around the equity markets, along with dovish Federal Reserve (Fed) expectations, might hold back the USD bulls from placing aggressive bets and support prospects for some meaningful downside for spot prices.
The aforementioned mixed fundamental backdrop, however, warrants some caution before placing aggressive directional bets in the absence of any relevant market-moving US economic data on Wednesday. Traders might also prefer to wait on the sidelines ahead of the monthly Canadian employment details, due for release on Friday. In the meantime, the USD/Oil price dynamics should produce short-term trading opportunities around the USD/CAD pair.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Japanese Yen.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.12% | -0.12% | 1.66% | -0.07% | -0.38% | -0.90% | 0.54% | |
| EUR | -0.12% | -0.25% | 1.55% | -0.20% | -0.55% | -1.03% | 0.44% | |
| GBP | 0.12% | 0.25% | 1.79% | 0.04% | -0.31% | -0.74% | 0.66% | |
| JPY | -1.66% | -1.55% | -1.79% | -1.72% | -2.06% | -2.51% | -1.12% | |
| CAD | 0.07% | 0.20% | -0.04% | 1.72% | -0.32% | -0.79% | 0.63% | |
| AUD | 0.38% | 0.55% | 0.31% | 2.06% | 0.32% | -0.42% | 0.97% | |
| NZD | 0.90% | 1.03% | 0.74% | 2.51% | 0.79% | 0.42% | 1.41% | |
| CHF | -0.54% | -0.44% | -0.66% | 1.12% | -0.63% | -0.97% | -1.41% |
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 US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
Gold hovers around all-time highs near $3,250
Gold is holding steady near the $3,250 mark, fuelled by robust safe-haven demand, trade war concerns, and a softer-than-expected US inflation gauge. The US Dollar keeps trading with heavy losses around three-year lows.
EUR/USD retreats towards 1.1300 as Wall Street shrugs off trade war headlines
The EUR/USD pair retreated further from its recent multi-month peak at 1.1473 and trades around the 1.1300 mark. Wall Street manages to advance ahead of the weekly close, despite escalating tensions between Washington and Beijing and mounting fears of a US recession. Profit-taking ahead of the close also weighs on the pair.
GBP/USD trims gains, recedes to the 1.3050 zone
GBP/USD now gives away part of the earlier advance to fresh highs near 1.3150. Meanwhile, the US Dollar remains offered amid escalating China-US trade tensions, recession fears in the US, and softer-than-expected US Producer Price data.
Bitcoin, Ethereum, Dogecoin and Cardano stabilze – Why crypto is in limbo
Bitcoin, Ethereum, Dogecoin and Cardano stabilize on Friday as crypto market capitalization steadies around $2.69 trillion. Crypto traders are recovering from the swing in token prices and the Monday bloodbath.
Is a recession looming?
Wall Street skyrockets after Trump announces tariff delay. But gains remain limited as Trade War with China continues. Recession odds have eased, but investors remain fearful. The worst may not be over, deeper market wounds still possible.
The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.