Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - USD/CAD Edges Up Off 4-Month Lows

Published 2018-01-08, 09:33 a/m
Updated 2018-01-08, 09:35 a/m
© Reuters.  Greenback gains some ground vs. loonie in early trade

© Reuters. Greenback gains some ground vs. loonie in early trade

Investing.com - The U.S. dollar edged up from recent four-month lows against its Canadian counterpart on Monday, as expectations for upcoming U.S. rate hikes lent broad support to the greenback.

USD/CAD was up 0.15% at 1.2428 by 09:30 a.m. ET (13:30 GMT), off Friday's four-month trough of 1.2353.

The greenback found support after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.

The comments came a day after Cleveland Fed President Loretta Mester said she expects about four interest rate hikes this year, thanks to solid U.S. economic growth and low unemployment.

The U.S. dollar had initially weakened after the U.S. Department of Labor reported on Friday that the economy added 148,000 jobs in December, disappointing expectations for an increase of 185,000. The unemployment rate remained unchanged at 4.1%, as expected.

Later Monday, the Bank of Canada was set to release its quarterly Business Outlook Survey.

The loonie was higher against the euro, with EUR/CAD down 0.33% at 1.4877.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.