The US dollar rate today is trading broadly lower after Fed Chair Powell signalled on Tuesday that further rate cuts may be on the horizon, citing worsening conditions in the US labour market. This shift has put pressure on the greenback across major pairs. Meanwhile, the Canadian dollar rate today has posted modest gains on the back of the weaker USD but has struggled to build any meaningful momentum, as lower oil prices weigh on sentiment. Traders are now turning their attention to upcoming manufacturing and wholesale sales data for fresh domestic cues, but for now, USD/CAD remains in a consolidative phase as markets digest Powell’s dovish signals.
A quick view of the Canadian dollar performance against the USD and other major currencies.
Pair | Rates | Daily | Ranges | ||
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In today’s daily FX update, traders are focused on fresh manufacturing and sales data from both sides of the border for directional cues. Canada’s Manufacturing and Wholesale Sales figures will be closely watched for signs of underlying economic momentum, with stronger readings likely to support the Canadian dollar today, while softer results could keep the loonie under pressure. On the US side, the NY Empire State Manufacturing Index will provide insight into business conditions, potentially influencing sentiment around the US dollar rate today. Together, these releases are expected to guide near-term USD/CAD movements as markets assess the relative strength of both economies.
date | event | actual | consensus | previous |
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The latest Canadian dollar news reflects a cautious tone, with the Canadian dollar rate today struggling to find strong directional momentum ahead of key domestic data. Traders are focused on Canada’s Manufacturing and Wholesale Sales figures for signs of economic strength, while broader sentiment remains shaped by US data releases, including the NY Empire State Manufacturing Index. A stronger Canadian dataset could offer the loonie some support, but ongoing market caution and mixed global signals are likely to keep its near-term outlook restrained and range-bound.