USD/CAD Exchange rate
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USD/JPY turns lower to near 157.50 amid subdued USD
USD/JPY turns lower to near 157.50 in Asia on Wednesday, despite the release of hawkish BoJ June meeting Minutes and rising Japanese wages. A broadly subdued US Dollar, amid US-Iran peace deal hopes, weighs on the pair amid looming intervention risks.
AUD/USD eases from two-month highs above 0.7050 after weak China's PMI
AUD/USD is seeing fresh selling pressure, easing from two-month highs near 0.7055 in the Asian session on Wednesday, following the release of weak Chinese RatingDog Services PMI for July. The pair also faces headwinds from a modest uptick in the US Dollar amid hawkish Fed commentary and US-Iran uncertainty. Mideast headlines and US ISM Services PMI remain in focus today.
Gold retakes $4,100, cheers US-Iran peace deal progress
Gold is catching a fresh bid, retaking $4,100 in the Asian session on Wednesday. Optimism over a potential US-Iran peace deal and the full reopening of the Strait of Hormuz keep the US Dollar undermined, helping the bullion to resume its previous rebound ahead of US ISM Services PMI data.
Ethereum holds steady below $1,900 as retail distribution rises
RBI set to keep interest rates unchanged as inflation risks persist
The Reserve Bank of India is set to announce its bi-monthly monetary policy decision on Wednesday at 10:00 AM IST (04:30 GMT), another meeting coming at a time when uncertainty remains high over the duration and economic fallout of the ongoing Middle East conflict.
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USD/CAD
The USD/CAD represents how many Canadian Dollars (the quote currency) are needed to purchase one US Dollar (the base currency). The nickname “Loonie” originates from the Gold-colored Canadian one-dollar coin introduced in 1987 and produced by the Royal Canadian Mint in Winnipeg.
The coin reverse features a common loon, a bird found throughout Canada, while the obverse displays the portrait of Queen Elizabeth II, the nation's former head of state.
HISTORIC HIGHS AND LOWS FOR USD/CAD
- All-time records: Max: 1.6192 on 18/01/2002 – Min: 0.9059 on 01/11/2017
- Last 5 years: Max: 1.4668 on 19/03/2020 – Min: 1.2007 on 01/06/2021
* Data as of December 2024
INFLUENTIAL CURRENCIES FOR USD/CAD
The Japanese Yen (JPY) and the Euro (EUR). Another important group of influent pairs includes: EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF and NZD/USD.
MOST INFLUENTIAL ORGANIZATIONS FOR USD/CAD
- The Bank of Canada (BoC) is the nation's central bank. Its principal role, as defined in the Bank of Canada Act, is "to promote the economic and financial welfare of Canada." The BoC sets interest rates and manages monetary policy at eight scheduled meetings a year and ad hoc emergency meetings that are held as required. The BoC’s primary mandate is to maintain price stability, which means keeping inflation at between 1-3%. Its main tool for achieving this is by raising or lowering interest rates. Relatively high interest rates will usually result in a stronger Canadian Dollar (CAD) and vice versa. Other tools used include quantitative easing and tightening.
- The Federal Reserve (Fed) is the central bank of the United States (US) and it has two main targets: to maintain the unemployment rate at its lowest possible levels and to keep inflation around 2%. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors and the partially appointed Federal Open Market Committee (FOMC). The FOMC organizes eight scheduled meetings in a year to review economic and financial conditions. It also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. The FOMC Minutes, which are released by the Board of Governors of the Federal Reserve weeks after the latest meeting, are a guide to the future US interest-rate policy.