- The USD/CAD advances as the US dollar is strengthened due to optimism around possible US trade agreements.
- Washington seems to be advancing in the first commercial discussions with Asian allies, including South Korea and Japan.
- The Canadian dollar is still under pressure since Trump suggested that the 25% rate on Canadian car imports could be increased.
The USD/CAD recovers its recent losses from the previous session, quoting around 1,3870 during Friday’s Asian hours. The torque wins as the US dollar (USD) is strengthened, supported by optimism around possible US trade agreements according to Reuters, Washington seems to be moving forward in the first commercial discussions with Asian allies, including South Korea and Japan.
However, the US dollar found some pressure after Thursday publication of the data of initial unemployment subsidy. The US Department of Labor reported that the applications increased to 222,000 for the week that ended on April 19, slightly exceeding expectations and increasing from the revised figure of 216,000 of the previous week. Meanwhile, continuous unemployment subsidy applications fell at 37,000 to 1,841 million for the week ending on April 12.
The president of the Fed of Minneapolis, Neel Kashkari, expressed concern on Thursday about the possibility of future dismissals amid the continuous uncertainty. While noted that there has not yet a remarkable increase in layoffs, some companies are preparing for that possibility if uncertainty persists. Kashkari added that resolving commercial tensions could relieve concerns and support a more optimistic perspective.
In addition, the USD/CAD pair won greater support as the Canadian dollar (CAD) was pressed after the comments of US President Donald Trump on Wednesday. Trump suggested that the 25% rate on Canadian cars imports could be increased, reinforcing its commitment to ensure a commercial agreement with Canada. The objective, he emphasized, is to strengthen the production of cars in the US and reduce the dependence of foreign vehicles, according to Reuters.
Canadian dollar today
The lower table shows the change percentage of the Canadian dollar (CAD) compared to the main currencies today. Canadian dollar was the weakest currency against the US dollar.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.39% | 0.28% | 0.23% | 0.11% | 0.23% | 0.25% | 0.42% | |
| EUR | -0.39% | -0.11% | -0.15% | -0.30% | -0.15% | -0.13% | 0.02% | |
| GBP | -0.28% | 0.11% | -0.04% | -0.17% | -0.03% | -0.02% | 0.11% | |
| JPY | -0.23% | 0.15% | 0.04% | -0.12% | -0.02% | -0.02% | 0.14% | |
| CAD | -0.11% | 0.30% | 0.17% | 0.12% | 0.04% | 0.14% | 0.28% | |
| Aud | -0.23% | 0.15% | 0.03% | 0.02% | -0.04% | 0.02% | 0.15% | |
| NZD | -0.25% | 0.13% | 0.02% | 0.02% | -0.14% | -0.02% | 0.13% | |
| CHF | -0.42% | -0.02% | -0.11% | -0.14% | -0.28% | -0.15% | -0.13% |
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.
