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
  -0.00312 -0.23% 1.34602 1.34595 1.34608 1.34955 1.34595 1.34907 0 02:10:22

U.S. Dollar Higher On Fed Rate Hike Bets, Weak China Data

15/08/2022 9:39am


US Dollar vs CAD (FX:USDCAD)
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The U.S. dollar advanced against its most major counterparts in the European session on Monday, on expectations of aggressive interest rate hikes from the Federal Reserve and as disappointing economic data from China sparked recession fears.

China's retail sales and industrial output came in well below the expectations in July, signalling a fragile recovery in the world's second-largest economy.

The Fed minutes, which will be released on Wednesday, could offer more clues about the pace of rate hikes in the future.

Richmond Fed President Thomas Barkin told CNBC on Friday that he supported raising rates further to bring inflation under control.

"I'd like to see a period of sustained inflation under control, and until we do that I think we are just going to have to move rates into restrictive territory," Barkin added.

Fed funds futures show a 46.5 percent possibility of a 75 basis-point rate hike at the September meeting and a 53.5 percent chance of a 50 basis-point move.

The greenback appreciated to a 5-day high of 0.9467 against the franc and a 1-week high of 1.2050 against the pound, off its early lows of 0.9403 and 1.2148, respectively. The greenback is seen finding resistance around 0.98 against the franc and 1.19 against the pound.

The greenback rebounded from its previous lows of 1.2766 against the loonie and 1.0268 against the euro and touched 1-week highs of 1.2915 and 1.0186, respectively. Next key resistance for the greenback is likely seen around 1.32 against the loonie and 0.99 against the euro.

Extending its Asian session's rally, the greenback firmed to 5-day highs of 0.7022 against the aussie and 0.6356 against the kiwi. The next possible resistance for the greenback is seen around 0.68 against the aussie and 0.62 against the kiwi.

The greenback, however, retreated against the yen and was trading at 133.00. On the downside, 126.00 is likely seen as its next support level.

Looking ahead, Canada manufacturing and wholesale sales for June, as well as U.S. NAHB housing market index and New York Fed's empire manufacturing survey for August will be featured in the New York session.

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1 Year US Dollar vs CAD Chart

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1 Month US Dollar vs CAD Chart
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