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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
  0.003495 0.26% 1.34445 1.3442 1.3447 1.34635 1.34278 1.34093 0 09:21:39

U.S. Dollar Appreciates On Fed Rate Hike Odds

12/08/2022 8:29am

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US Dollar vs CAD (FX:USDCAD)
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From May 2022 to Nov 2022

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The U.S. dollar was higher against its major counterparts in the European session on Friday, as investors hope that the Federal Reserve will continue raising rates in the coming months to combat inflation.

San Francisco Fed President Mary Daly said on Thursday that a 50 basis-point hike would be appropriate in September, although she is open to a 75 basis-point move if the data evolve differently.

St. Louis Fed President James Bullard, Chicago Fed President Charles Evans and Minneapolis Fed President Neel Kashkari also indicated that the central bank is set to tighten its monetary policy further despite signs that inflation may have peaked.

The Fed has lifted its policy rate by 225 basis points since March and another 50 basis-point hike is on the cards at the September meeting.

Market participants await U.S. import prices for July and University of Michigan's preliminary consumer sentiment for August due later today for more direction.

The greenback edged up to 1.0287 against the euro and 0.9433 against the franc, off its early lows of 1.0327 and 0.9405, respectively. Should the dollar strengthens further, it is likely to test resistance around 1.00 against the euro and 0.97 against the franc.

The greenback touched 2-day highs of 1.2120 against the pound and 133.65 against the yen, up from its prior lows of 1.2215 and 132.88, respectively. The greenback is likely to face resistance around 1.20 against the pound and 135.00 against the yen.

Against the loonie and the aussie, the greenback rose to 1.2779 and 0.7085, respectively. The greenback is seen finding resistance around 1.29 against the loonie and 0.68 against the aussie.

The greenback rebounded to 0.6424 against the kiwi, after falling to more than a 2-month low of 0.6469 in the previous session. Next immediate resistance for the currency is seen around the 0.62 level.

U.S. import and export prices for July and University of Michigan's preliminary consumer sentiment for August are scheduled for release 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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