Canadian Dollar Climbs On US Rate Cut Bets
22 August 2024 - 2:29PM
RTTF2
The Canadian dollar advanced against its most major counterparts
in the New York session on Thursday, as risk sentiment improved
after minutes from the most recent Federal Reserve meeting
signalled potential rate cuts amid signs of easing inflation and a
rising unemployment rate.
Financial markets anticipate significant policy easing,
potentially including multiple cuts by year-end.
Investors await the annual conference of central bankers in
Jackson Hole, Wyoming, where Fed Chair Jerome Powell may provide
important clues on the outlook for U.S. monetary policy.
Experts anticipate Powell will hint at a 25-bps rate cut in
September, but caution that decisions will remain
data-dependent.
The loonie rose to 1.5106 against the euro and 107.72 against
the yen, off its early lows of 1.5161 and 106.64, respectively. The
currency is likely to locate resistance around 1.48 against the
euro and 110.00 against the yen.
The loonie touched 0.9121 against the aussie, setting a 3-day
high. Next key resistance for the currency is seen around the 0.89
level.
In contrast, the loonie fell to 1.3619 against the greenback,
from an early more than 4-month high of 1.3571. The loonie is seen
finding support around the 1.38 level.
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