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Name Symbol Market Type
United States Dollar vs Canadian Dollar FX:USDCAD Forex Exchange Rate
  Price Change % Change Price Bid Price Offer Price High Price Low Price Open Price Traded Last Trade
  -0.006805 -0.5% 1.35835 1.35828 1.35841 1.36866 1.35612 1.36534 0 20:14:51

U.S. Dollar Appreciates Amid Fed Tightening Prospects

07/06/2022 7:26am

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US Dollar vs CAD (FX:USDCAD)
Forex Chart


From Dec 2021 to Dec 2022

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The U.S. dollar climbed against its major counterparts on Tuesday, amid expectations that the U.S. Federal Reserve will tighten its monetary policy aggressively to combat inflation.

Investors await U.S. inflation data due on Friday to assess the Fed's policy tightening path going forward.

The Fed is widely expected to raise interest rate by half-point at its meetings due this month and next.

The benchmark 10-year treasury yield rose above 3 percent earlier in the session, before easing a bit later.

U.S trade data and consumer credit for for April will be released later today.

The greenback touched multi-week highs of 0.9767 against the franc and 1.2431 against the pound, up from its early lows of 0.9700 and 1.2534, respectively. The next possible resistance for the greenback is seen around 0.99 against the franc and 1.22 against the pound.

The greenback jumped to 133.00 against the yen, its strongest level since April 2002. Against the euro, it approached a 3-day high of 1.0665. The greenback is likely to face resistance around 136.00 against the yen and 1.05 against the euro.

The greenback reversed from its early lows of 1.2568 against the loonie and 0.6496 against the kiwi, hitting a 3-day high of 1.2618 and near a 2-week high of 0.6440, respectively. The greenback is seen finding resistance around 1.28 against the loonie and 0.62 against the kiwi.

The greenback held steady against the aussie, after having recovered to 0.7166 from a 4-day low of 0.7245 hit at 12:30 am ET. It has touched a multi-day high of 0.7159 earlier in the Asian session. At yesterday's trading close, the pair traded at 0.7191.

Looking ahead, U.S. and Canadian trade data for April, Canada Ivey PMI for May and U.S. consumer credit for for April will be released in the New York session.

1 Year US Dollar vs CAD Chart

1 Year US Dollar vs CAD Chart

1 Month US Dollar vs CAD Chart

1 Month US Dollar vs CAD Chart
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P: V:gb D:20221208 20:29:51