\n Share:<\/span><\/p>\n USD\/CAD drifted into the low end early Thursday as markets geared up for the day\u2019s US Purchasing Managers Index (PMI) print. Mixed results left markets a little less confident, and the pair traveled notable ground to wind up close to flat on the day.<\/p>\n Canada saw a similar mixed result in its Retail Sales<\/a> figures, with sales volumes excluding automobiles coming in below expectations. Next up on the economic calendar will be Friday\u2019s Monetary Policy Report from the Federal Reserve (Fed), but little of note is expected within the report itself following the Fed\u2019s latest meeting Minutes released on Wednesday.<\/p>\n The table below shows the percentage change of Canadian Dollar (CAD) against listed major currencies today. Canadian Dollar was the strongest against the Swiss Franc.<\/p>\n The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)\/JPY (quote).<\/p>\n<\/div>\n <\/p>\n USD\/CAD backslid into a prime buying area early Thursday, settling into 1.3440 before staging a recovery. The pair knocked back into 1.3510 as it remains lashed firmly to the 1.3500 handle in the near term. The day\u2019s dip into a heavy supply zone also saw an intraday Fair Value Gap (FFVG) form between 1.3480 and 1.3455, which got filled almost immediately and set the stage for further gains provided the market\u2019s change of character holds through the end of the week.<\/p>\n With Thursday\u2019s down-and-up action on the USD\/CAD, the pair is catching firm technical support from the 200-day Simple Moving Average (SMA) at 1.3478. A pattern of higher highs is dragging the pair further into bull country as the USD\/CAD recovers from December\u2019s lows at 1.3177.<\/p>\n <\/p>\n The key factors driving the Canadian Dollar (CAD) are the level of interest rates set by the Bank of Canada (BoC), the price of Oil, Canada\u2019s largest export, the health of its economy, inflation and the Trade Balance, which is the difference between the value of Canada\u2019s exports versus its imports. Other factors include market sentiment \u2013 whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) \u2013 with risk-on being CAD-positive. As its largest trading partner, the health of the US economy is also a key factor influencing the Canadian Dollar.<\/p>\n<\/section>\n The Bank of Canada (BoC) has a significant influence on the Canadian Dollar by setting the level of interest rates that banks can lend to one another. This influences the level of interest rates for everyone. The main goal of the BoC is to maintain inflation at 1-3% by adjusting interest rates up or down. Relatively higher interest rates tend to be positive for the CAD. The Bank of Canada can also use quantitative easing and tightening to influence credit conditions, with the former CAD-negative and the latter CAD-positive.<\/p>\n<\/section>\n The price of Oil is a key factor impacting the value of the Canadian Dollar. Petroleum is Canada\u2019s biggest export, so Oil price tends to have an immediate impact on the CAD value. Generally, if Oil price rises CAD also goes up, as aggregate demand for the currency increases. The opposite is the case if the price of Oil falls. Higher Oil prices also tend to result in a greater likelihood of a positive Trade Balance, which is also supportive of the CAD.<\/p>\n<\/section>\n While inflation had always traditionally been thought of as a negative factor for a currency since it lowers the value of money, the opposite has actually been the case in modern times with the relaxation of cross-border capital controls. Higher inflation tends to lead central banks to put up interest rates which attracts more capital inflows from global investors seeking a lucrative place to keep their money. This increases demand for the local currency, which in Canada\u2019s case is the Canadian Dollar.<\/p>\n<\/section>\n Macroeconomic data releases gauge the health of the economy and can have an impact on the Canadian Dollar. Indicators such as GDP, Manufacturing and Services PMIs, employment, and consumer sentiment surveys can all influence the direction of the CAD. A strong economy is good for the Canadian Dollar. Not only does it attract more foreign investment but it may encourage the Bank of Canada to put up interest rates, leading to a stronger currency. If economic data is weak, however, the CAD is likely to fall.<\/p>\n<\/section>\n<\/div>\n <\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":" Share: Markets churned on Thursday after mixed US PMI figures. Canada\u2019s Retail Sales also spread. Friday to wrap up the week with Fed\u2019s Monetary Policy Report. USD\/CAD drifted into the low end early Thursday as markets geared up for the day\u2019s US Purchasing Managers Index (PMI) print. Mixed results left markets a little less confident, […]<\/p>\n","protected":false},"author":2,"featured_media":9061,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,1063,247,253,249,5212,498,256,254],"class_list":["post-252324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-pmi","tag-polygon","tag-quickswap","tag-safe-moon","tag-seo","tag-usdcad","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=252324"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252324\/revisions"}],"predecessor-version":[{"id":252326,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/252324\/revisions\/252326"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/9061"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=252324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=252324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=252324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Daily digest market movers: USD\/CAD churns and burns as data prints spread<\/h2>\n
\n
Canadian Dollar price today<\/h2>\n
\n\n
\n \u00a0<\/td>\n USD<\/strong><\/td>\n EUR<\/strong><\/td>\n GBP<\/strong><\/td>\n CAD<\/strong><\/td>\n AUD<\/strong><\/td>\n JPY<\/strong><\/td>\n NZD<\/strong><\/td>\n CHF<\/strong><\/td>\n<\/tr>\n \n USD<\/strong><\/td>\n \u00a0<\/td>\n 0.05%<\/td>\n 0.00%<\/td>\n -0.02%<\/td>\n 0.13%<\/td>\n 0.11%<\/td>\n -0.09%<\/td>\n 0.24%<\/td>\n<\/tr>\n \n EUR<\/strong><\/td>\n -0.03%<\/td>\n \u00a0<\/td>\n -0.05%<\/td>\n -0.08%<\/td>\n 0.09%<\/td>\n 0.09%<\/td>\n -0.12%<\/td>\n 0.20%<\/td>\n<\/tr>\n \n GBP<\/strong><\/td>\n 0.00%<\/td>\n 0.05%<\/td>\n \u00a0<\/td>\n -0.02%<\/td>\n 0.13%<\/td>\n 0.12%<\/td>\n -0.07%<\/td>\n 0.24%<\/td>\n<\/tr>\n \n CAD<\/strong><\/td>\n 0.00%<\/td>\n 0.07%<\/td>\n 0.02%<\/td>\n \u00a0<\/td>\n 0.15%<\/td>\n 0.16%<\/td>\n -0.04%<\/td>\n 0.28%<\/td>\n<\/tr>\n \n AUD<\/strong><\/td>\n -0.11%<\/td>\n -0.08%<\/td>\n -0.12%<\/td>\n -0.14%<\/td>\n \u00a0<\/td>\n -0.01%<\/td>\n -0.19%<\/td>\n 0.13%<\/td>\n<\/tr>\n \n JPY<\/strong><\/td>\n -0.11%<\/td>\n -0.08%<\/td>\n -0.11%<\/td>\n -0.14%<\/td>\n -0.02%<\/td>\n \u00a0<\/td>\n -0.20%<\/td>\n 0.14%<\/td>\n<\/tr>\n \n NZD<\/strong><\/td>\n 0.09%<\/td>\n 0.12%<\/td>\n 0.07%<\/td>\n 0.04%<\/td>\n 0.20%<\/td>\n 0.20%<\/td>\n \u00a0<\/td>\n 0.32%<\/td>\n<\/tr>\n \n CHF<\/strong><\/td>\n -0.25%<\/td>\n -0.21%<\/td>\n -0.26%<\/td>\n -0.28%<\/td>\n -0.13%<\/td>\n -0.13%<\/td>\n -0.33%<\/td>\n \u00a0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Technical analysis: USD\/CAD falls back into near-term lows but then recovers to 1.3500<\/h2>\n
USD\/CAD hourly chart<\/h2>\n
USD\/CAD daily chart
![\"\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/USD_CAD-638442151042636174.png\")
<\/h2>\nCanadian Dollar FAQs<\/h2>\n