{"id":27615,"date":"2024-04-03T11:47:31","date_gmt":"2024-04-03T11:47:31","guid":{"rendered":"https:\/\/www.xtrememarkets.com\/?p=27615"},"modified":"2024-04-03T11:47:31","modified_gmt":"2024-04-03T11:47:31","slug":"usd-cad-nears-1-3560-drops-due-to-rising-crude-oil-prices","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-1-3560-drops-due-to-rising-crude-oil-prices\/","title":{"rendered":"USD\/CAD Nears 1.3560, Drops Due to Rising Crude Oil Prices"},"content":{"rendered":"<h1><strong>USD\/CAD Nears 1.3560, Drops Due to Rising Crude Oil Prices<\/strong><\/h1>\n<p><span style=\"font-weight: 400;\">The <a href=\"https:\/\/www.xtrememarkets.com\/US\/\"><strong>USD\/CAD<\/strong><\/a> currency pair continues its downward trajectory for the second consecutive day, inching closer to 1.3560 in the Asian trading session on Wednesday. This negative movement is primarily influenced by the robust performance of Crude oil prices, which bolsters the Canadian Dollar (CAD), thereby exerting a downward force on the USD\/CAD pair.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Crude oil prices, particularly Western Texas Intermediate (WTI), are hovering around $84.80, marking their highest point since October 2023. This surge in oil prices can be attributed to a combination of factors, including the weakening of the US Dollar and rising concerns over supply disruptions due to ongoing geopolitical uncertainties.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, the US Dollar Index (DXY), which measures the strength of the US Dollar against a basket of major currencies, is facing a downward pressure, contributing to the weakening of the USD\/CAD pair. This weakening of the DXY comes in the wake of dovish remarks from Federal Reserve (Fed) officials. Notably, Cleveland Fed President Loretta Mester expressed an expectation of potential rate cuts later in the year. Similarly, San Francisco Fed President Mary Daly suggested that three rate cuts in 2024 might be &#8220;reasonable,&#8221; though such a decision would depend on further convincing economic evidence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In recent US economic news, data released on Tuesday highlighted some key figures. The US February JOLTS Job Openings report showed an increase to 8.756 million, up from the previous figure of 8.748 million, exceeding market expectations. Additionally, there was a notable rebound in Factory Orders, which rose by 1.4% month-on-month in February, following a 3.8% decline in the previous period.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors and market participants are now turning their attention to upcoming economic data releases. For Canada, the focus is on the Import and Export data due on Thursday, and the labor market data scheduled for release on Friday. In the United States, key data points include the ADP Employment Change and ISM Services PMI, both set for release on Wednesday. Moreover, the US economic outlook is set to gain further clarity with Federal Reserve Chairman Jerome Powell scheduled to speak at the Stanford Business, Government, and Society Forum in Stanford.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, the combination of strong Crude oil prices, dovish statements from Fed officials, and upcoming economic data releases are key factors influencing the movement of the USD\/CAD pair, with market participants closely monitoring these developments to gauge future trends.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>USD\/CAD Nears 1.3560, Drops Due to Rising Crude Oil Prices The USD\/CAD currency pair continues its downward trajectory for the second consecutive day, inching closer to 1.3560 in the Asian trading session on Wednesday. This negative movement is primarily influenced by the robust performance of Crude oil prices, which bolsters the Canadian Dollar (CAD), thereby<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/US\/usd-cad-nears-1-3560-drops-due-to-rising-crude-oil-prices\/\">continue reading<\/a>.","protected":false},"author":1,"featured_media":27616,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[12],"tags":[265,251,398,19,24,22,242,300,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>USD\/CAD Nears 1.3560, Drops Due to Rising Crude Oil Prices<\/title>\r\n<meta name=\"description\" content=\"The USD\/CAD currency pair continues its downward trajectory for the second consecutive day, inching closer to 1.3560 in the Asian trading session on Wednesday.\" \/>\r\n<link rel=\"canonical\" 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