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Forex News: Canadian Dollar Climbs On US Rate Cut Bets

Canadian Dollar Climbs On US Rate Cut Bets

08/22/2024 - 12:29:00 (RTTNews)

(RTTNews) - The Canadian dollar advanced against its most major counterparts in the New York session on Thursday, as risk sentiment improved after minutes from the most recent Federal Reserve meeting signalled potential rate cuts amid signs of easing inflation and a rising unemployment rate.

Financial markets anticipate significant policy easing, potentially including multiple cuts by year-end.

Investors await the annual conference of central bankers in Jackson Hole, Wyoming, where Fed Chair Jerome Powell may provide important clues on the outlook for U.S. monetary policy.

Experts anticipate Powell will hint at a 25-bps rate cut in September, but caution that decisions will remain data-dependent.

The loonie rose to 1.5106 against the euro and 107.72 against the yen, off its early lows of 1.5161 and 106.64, respectively. The currency is likely to locate resistance around 1.48 against the euro and 110.00 against the yen.

The loonie touched 0.9121 against the aussie, setting a 3-day high. Next key resistance for the currency is seen around the 0.89 level.

In contrast, the loonie fell to 1.3619 against the greenback, from an early more than 4-month high of 1.3571. The loonie is seen finding support around the 1.38 level.

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