The USD/CAD pair extended its decline to near 1.3910 during the early Asian session on Wednesday. The US Dollar (USD) weakens against the Canadian Dollar (CAD) amid renewed concerns over the US economy. Traders will keep an eye on the speech from the Federal Reserve’s (Fed) Thomas I.
The Canadian Dollar (CAD) is weak, down 0.3% vs. the US Dollar (USD) but a relative outperformer against all of the G10 currencies with the CAD’s peer currencies showing much greater declines in response to the US/China trade détente, Scotiabank's Chief FX Strategist Shaun Osborne notes.
April has been good for the Canadian Dollar (CAD) (it’s strongest month against the US Dollar (USD) since 2019) but spot continues to range trade, Scotiabank's Chief FX Strategist Shaun Osborne notes.