The Canadian dollar, despite the positive dynamics of oil prices, is losing its position in the confrontation with the USD. Obviously, the Canadian currency lacks incentives to strengthen. Economic indicators do not impress investors, as a result, despite the relative weakness of the USD, the rates for two months of 2024 are within an upward trend.
The Canadian dollar has come under pressure again this week. It became known that inflation in January was below expectations. The focus is on the minutes of the US Federal Reserve meeting. This year, investors expect a reduction in the interest rate. This has not yet happened, but the dollar exchange rate is changing due to speculation on this topic. One way or another, the USD receives more incentives to strengthen.
We believe that the situation will not change in the near future. The deals tom BUY will remain relevant. Technical analysis tools also unanimously indicate the advisability of buying in the near future.
