- The USD/CAD loses ground as the Canadian dollar receives support from the improvement in crude oil prices.
- The WTI price advances amid the reduction of tariff risk and expectations of a more adjusted supply.
- A Federal Court of the United States has blocked Trump to impose broad “day of liberation” tariffs.
The USD/CAD loses ground after registering profits in the two previous sessions, quoting around 1,3820 during the European hours of Thursday. The torque depreciates as the Canadian dollar (CAD), linked to raw materials, receives support from the improvement in crude oil prices.
The price of crude oil West Texas Intermediate (WTI) extends its profits for the second consecutive day, quoting around $ 62,60 per barrel at the time of writing. Crude oil prices receive support from the improvement in the feeling of the market due to the reduction of tariff risk and the prospects for a more adjusted supply.
The latest IPC report showed that general inflation fell in Canada mainly due to a trimming in carbon tax, but underlying inflation increased, which is closely monitored by the Bank of Canada (BOC). Therefore, the operators remain uncertain on whether the Bank of Canada will make another rate cut next week. The Gross Domestic Product (GDP) of Canada for the first quarter, which will be published on Friday, will be observed to obtain information about the Canadian economy.
In addition, the USD/CAD torque is depreciated as the US dollar (USD) goes from the weekly maximum of 100.53 marked on Thursday. The dollar index (DXY), which measures the value of the dollar against six main currencies, quotes around 100.00 at the time of writing. The operators probably expect the preliminary data of the GDP of the first trimester of the US, the prices of the inter -consumption expenditure (PCE) and the initial applications of unemployment subsidy, scheduled to be published on Thursday.
The US dollar received support after the suspension of the “Liberation Day” tariffs of President Donald Trump by a federal court. A panel of three judges in the International Trade Court in Manhattan ruled that Trump lacked authority and declared that the executive orders issued on April 2 were illegal.
The Trump Administration, on April 2, announced higher tariffs on imports from countries with large commercial surpluses, such as China and the European Union, introducing a 10% base tariff on most of the goods that enter the United States Trump seems unlikely to go back, since it published in its social network application that is in a “mission of God.”
Canadian dollar today
The lower table shows the change percentage of the Canadian dollar (CAD) compared to the main currencies today. The Canadian dollar was the strongest currency against the Japanese yen.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.13% | 0.01% | 0.33% | -0.11% | -0.28% | 0.07% | 0.34% | |
| EUR | -0.13% | -0.11% | 0.21% | -0.24% | -0.35% | -0.07% | 0.19% | |
| GBP | -0.01% | 0.11% | 0.31% | -0.11% | -0.22% | 0.03% | 0.23% | |
| JPY | -0.33% | -0.21% | -0.31% | -0.43% | -0.63% | -0.30% | -0.09% | |
| CAD | 0.11% | 0.24% | 0.11% | 0.43% | -0.23% | 0.18% | 0.33% | |
| Aud | 0.28% | 0.35% | 0.22% | 0.63% | 0.23% | 0.29% | 0.47% | |
| NZD | -0.07% | 0.07% | -0.03% | 0.30% | -0.18% | -0.29% | 0.16% | |
| CHF | -0.34% | -0.19% | -0.23% | 0.09% | -0.33% | -0.47% | -0.16% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the Canadian dollar of the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the CAD (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
