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USD/CAD dropped to key support

FBS

The US dollar waned on hopes for the fiscal stimulus, allowing riskier currencies to move higher, and the Canadian dollar as well.

US unemployment claims came out worse than expected: 840 000 Americans filed for jobless benefits, while 820 000 were expected. It should push USD/CAD to the downside.

The Fed’s meeting minutes have encouraged investors by optimistic comments on the current recovery pace. Moreover, Vice Presidential debates were held yesterday, which turned out considerably less contentious. The post-debates reaction has been positive as Joe Biden is leading the elections race. If he wins, the larger fiscal stimulus should be unveiled than in the case of Trump’s victory.

Despite downbeat crude oil inventories, oil prices continue rallying upwards. As you may know, the Canadian dollar is really sensitive to the fluctuations in oil prices. Therefore, the CAD has been boosted by the rebound of the oil market.

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Source: https://fbs.com/analytics/articles/usd-cad-dropped-to-key-support-27314
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