Broader Market Sentiment Weighs on Dollar Beyond interest rates, general market risk sentiment played a role. Concurrently, West Texas Intermediate (WTI) jumped past the $95 per barrel mark.
CAD Risk Sentiment Continues to Pressure Dollar Amid Mixed Energy Data
Looking ahead, the CAD/USD trajectory will likely remain tied to the Fed’s path. However, as long as the interest rate gap persists and the dollar maintains its safe-haven status, the Canadian dollar may continue to struggle to assert itself against the greenback, irrespective of the oil market’s direction.
US payrolls and retail sales fueled Fed rate hike bets. When geopolitical tensions or global economic uncertainty arise, investors often flee to the dollar, benefiting USD/CAD.
CAD Risk Sentiment Continues to Pressure Dollar Amid Market Uncertainty
The Canadian dollar weakened against the U. While the energy rally is a positive data point for the Canadian economy, it is currently overshadowed by the pull of stronger US yields and a risk-off environment.
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