- USD/CAD catches aggressive bets and draws support from a combination of factors.
- The USD rallies across the board in reaction to Trump's early election lead.
- Retreating Oil prices, dovish BoC minutes undermine the CAD and support the pair.
The USD/CAD pair rallies over 80 pips from a two-week low, around the 1.3820-1.3815 region touched during the Asian session on Wednesday, reversing the previous day's losses and snapping a two-day losing streak. Spot prices, however, struggle to build on the momentum and remain below the 1.3900 mark as investors assess the incoming US election exit polls.
The US Dollar (USD) surged across the board and shot to a one-week high after initial results indicated a lead for the Republican nominee Donald Trump in Georgia – a key swing state. Apart from this, a further pullback in Crude Oil prices from over a three-week top touched on Tuesday is seen undermining the commodity-linked Loonie and provides a goodish lift to the USD/CAD pair.
The Canadian Dollar (CAD) is further weighed down by dovish Bank of Canada (BoC) October meeting minutes, showing that the governing council felt upside pressures on inflation will continue to decline and that the monetary policy need not be as restrictive. This keeps the door open for more aggressive policy easing by the Canadian central bank and favors the USD/CAD bulls.
That said, preliminary results of the Pennsylvania exit poll turn out to be a mixed bag for Trump and Vice President Kamala Harris. This, in turn, keeps a lid on any further USD appreciation and acts as a headwind for the USD/CAD pair. Volatility in financial markets is expected to remain elevated on the back of the US election results, warranting some caution before placing aggressive directional bets.
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 | 0.88% | 0.52% | 0.93% | 0.39% | 0.68% | 0.38% | 0.72% | |
| EUR | -0.88% | -0.36% | 0.03% | -0.49% | -0.20% | -0.51% | -0.16% | |
| GBP | -0.52% | 0.36% | 0.40% | -0.13% | 0.16% | -0.15% | 0.20% | |
| JPY | -0.93% | -0.03% | -0.40% | -0.55% | -0.26% | -0.58% | -0.22% | |
| CAD | -0.39% | 0.49% | 0.13% | 0.55% | 0.29% | -0.02% | 0.33% | |
| AUD | -0.68% | 0.20% | -0.16% | 0.26% | -0.29% | -0.31% | 0.05% | |
| NZD | -0.38% | 0.51% | 0.15% | 0.58% | 0.02% | 0.31% | 0.35% | |
| CHF | -0.72% | 0.16% | -0.20% | 0.22% | -0.33% | -0.05% | -0.35% |
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 jumps to new record-high above $3,220 as China ramps up tariffs on US goods
Gold extends its relentless rally and trades at a new all-time high above $3,220 in the European session on Friday. The precious metal benefits from safe-haven flows following China's decision to raise additional tariffs on US imports to 125% from 84%.
EUR/USD climbs to fresh multi-year high above 1.1350 on intense USD weakness
EUR/USD continues to push higher and trades at its strongest level since February 2022 above 1.1350 in the European session on Friday. The US Dollar (USD) stays under heavy pressure after China raised tariffs on US imports in retaliation, fuelling the pair's upsurge.
GBP/USD holds gains near 1.3000 after UK data
GBP/USD is paring back gains to near 1.3000 in Friday’s early European session. The pair stays firm as the US Dollar loses ground amid lingering concerns over US economic growth and US-China trade war. Upbeat UK economic data fail to impress the Pound Sterling.
Bitcoin, Ethereum and Ripple show weakness while XRP stabilizes
Bitcoin and Ethereum prices are hovering around $80,000 and $1,500 on Friday after facing rejection from their respective key levels, indicating signs of weakness. Meanwhile, Ripple broke and found support around its critical level; maintenance suggests a recovery on the cards.
Trump’s tariff pause sparks rally – What comes next?
Markets staged a dramatic reversal Wednesday, led by a 12% surge in the Nasdaq and strong gains across major indices, following President Trump’s unexpected decision to pause tariff escalation for non-retaliating trade partners.
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.