{"id":326238,"date":"2024-06-19T04:59:39","date_gmt":"2024-06-18T23:29:39","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=326238"},"modified":"2024-06-19T05:11:32","modified_gmt":"2024-06-18T23:41:32","slug":"usd-cad-extends-downside-below-1-3750-on-weaker-retail-sales-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/usd-cad-extends-downside-below-1-3750-on-weaker-retail-sales-crypto-news\/","title":{"rendered":"USD\/CAD extends downside below 1.3750 on weaker Retail Sales &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div id=\"fxs_article_content\">\n<ul>\n<li><strong>USD\/CAD extends decline near 1.3715 in Wednesday\u2019s early Asian session.<\/strong><\/li>\n<li><strong>The weaker Retail Sales report triggered speculation that Fed will start to cut interest rates in a few months.<\/strong><\/li>\n<li><strong>Extended gains in crude oil prices continue to underpin the commodity-linked Loonie for the time being.<\/strong><\/li>\n<\/ul>\n<p>The USD\/CAD pair trades in negative territory for the fourth consecutive day around 1.3715 during the early Asian session on Wednesday. The rise of crude <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/markets\/commodities\/energy\/oil\" data-fxs-autoanchor=\"\">oil prices<\/a> to the two-month top provides some support to the commodity-linked Loonie. Additionally, weaker <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\" data-fxs-autoanchor=\"\">Retail Sales<\/a> prompted traders to\u00a0focus on the timing of <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/macroeconomics\/central-banks\/fed\" data-fxs-autoanchor=\"\">Fed<\/a> rate cuts again, which capped the upside for the pair.<\/p>\n<p>Economic activity in the United States remained subdued in the second quarter. The US Retail Sales rose 0.1% MoM in May from a 0.2% decline in April, below the market expectation for an increase of 0.2%, the Commerce Department reported Tuesday. The US Dollar (USD) weakened against its rivals after the weaker-than-expected Retail Sales report as it fueled the likelihood that the Federal Reserve (Fed) will start to cut interest rates in a few months.<\/p>\n<p>Fed officials maintain a cautious stance and emphasize that further confidence in good inflation readings\u00a0is needed. On Tuesday,\u00a0New York Fed President John Williams said that he expected interest <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/rates-charts\/rates\" data-fxs-autoanchor=\"\">rates<\/a> to come down gradually as inflation eases.\u00a0Boston Fed President Susan Collins stated that despite progress on inflation, price growth remained persistently over the Fed&#8217;s 2% inflation objective, adding that it is still too early to say whether or not inflation is on course toward the target.<\/p>\n<p>On the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/currencies\/usdcad\" data-fxs-autoanchor=\"\">Loonie<\/a> front, extended gains in crude oil prices are likely to lift the Canadian Dollar (CAD) in the near term as Canada is\u00a0the largest Oil exporter to the United States (US).<\/p>\n<p>The Bank of Canada (BoC) Summary of Deliberations\u00a0will be released later on Wednesday and traders will take more cues on prospects of additional interest rate cuts from the Canadian central bank. Last week, the BoC decided to cut its benchmark policy rate\u00a0by 25 basis points (bps) to 4.75%, while signaling further cuts. Former BoC governor David Dodge said last week that the move made \u201cgood sense\u201d and the timing of future rate cuts will depend on \u201cthe continued progress on inflation,\u201d<\/p>\n<p>\u00a0<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>USD\/CAD extends decline near 1.3715 in Wednesday\u2019s early Asian session. The weaker Retail Sales report triggered speculation that Fed will start to cut interest rates in a few months. Extended gains in crude oil prices continue to underpin the commodity-linked Loonie for the time being. The USD\/CAD pair trades in negative territory for the fourth [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6520,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,333,277,252,247,253,249,498,256,254],"class_list":["post-326238","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-macroeconomics","tag-majors","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-usdcad","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/326238","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=326238"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/326238\/revisions"}],"predecessor-version":[{"id":326239,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/326238\/revisions\/326239"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/6520"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=326238"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=326238"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=326238"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}