USD/CAD may break out due to falling oil prices and potential BoC rate cut

From Investing.com: 2024-07-23 02:01:00

The USD/CAD pair is on the verge of breaking out of a range-bound pattern since April, influenced by falling oil prices and a weakening Canadian Dollar. The Bank of Canada is anticipated to cut rates due to rising unemployment and a slowing GDP per capita, although the impact on USD/CAD may be limited. Weakness in the Canadian Dollar can be attributed to expectations of a rate cut, with the BoC likely to take action amid cooling inflation and weakening job data. US GDP and inflation data, along with the BoC rate decision, will be key events to watch out for this week.



Read more at Investing.com: USD/CAD Eyes Breakout as Oil Price Slide Continues, BoC Meeting Next