The USD/CAD remains elevated and came within sight of mid-July values yesterday as speculative conditions continue to produce fast price action.
The USD/CAD is trading near the 1.30675 mark as of this writing, but conditions are fast and changes of value need to be checked on to decipher short-term price action. The value of the USD/CAD continues to incrementally step higher and yesterday’s highs reached nearly the 1.31090 juncture. In the middle of July the USD/CAD currency pair touched 1.32250 momentarily. On the 25th of August the USD/CAD reached the 1.28940 mark to lend perspective regarding the wide price range.
The USD/CAD has reacted to the Potential of More U.S Federal Reserve Hawkish Policy
The combination of a rather hawkish speech from U.S Federal Reserve Chairman Powell on Friday, and Crude Oil prices which has slipped slightly may be fueling nervous speculative buying within the USD/CAD. Last week’s ability to trade lower after touching highs on the 21st and 22nd near the 1.30000 created solid selling results, but financial institutions continue to display nervous sentiment regarding economic data and the USD/CAD has gained again.
