USD/CAD Moves to 1.2600 Due to the Supporting Chances of Interest Rate Increase by Fed, as Canadian Retail Sales Is Focused On

Updated:

USD/CAD experienced a to – fro movement during the Tokyo trading period following a pure upward trend yesterday. The increase in the value of the buck has caused the pair to rise to about 1.2600 price level following a strong rise from 1.2460 Price level. An exceptional act by major banks as chances of the Federal Reserve raising the interest rate come next month (May) increases.

Jerome Powell’s violent hawkish kind of speech, during the International Monetary Fund gathering yesterday reinforced the occurrence of a huge interest rate increase. He also disclosed that a 50 bps interest rate increase is at hand. He also included that to curtail inflation, the Fed must adopt a healthful speed in moving forward with the present policy, till an unbiased position is reached.

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Additional Contributing Actions
On the part of the Canadian dollar, the pair’s upward momentum is experiencing a downward pull by the Canadian dollar as market participants ignored the publication of higher inflation by Statistics Canada two days ago. The Canadian CPI (Consumer price index) was published at 6.7 percent versus an introductory announcement of 6.7 percent. The annual CPI was published at 5.5 percent.

In addition to that, motionless oil prices have also depressed the request for the Canadian dollar versus the dollar. Oil prices are stable at about $103 amidst supply anxiety and a notable shortfall in the world growth prediction.

Moving on, market participants will monitor publications of the Canadian Sales. Canadian Retail Sales for every month were published at a deficit of -0.1 (3.1 percent) percent versus the previous publication of 3.2 percent.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.