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USD vs CAD appears to be following the recent upward trend from the previous session, hovering around 1.3580 during the Asian session on Thursday. The Canadian Dollar (CAD) is supported by the weakening US Dollar (USD) and improving crude oil prices.
The US Dollar Index (DXY) seems likely to continue its decline after Wednesday’s gains, trading lower around 102.80 at the time of writing. The USD/CAD pair gains upward momentum from stronger-than-expected US Gross Domestic Product (GDP) data released by the US Bureau of Economic Analysis. The annual US GDP rose by 5.2% during the third quarter, exceeding the previous reading of 4.9% and surpassing the market consensus of 5.0%.
Western Texas Intermediate (WTI) prices continue to rise for the third consecutive day, trading higher near $77.90 per barrel at the time of writing. Crude oil prices gain momentum ahead of the Organization of the Petroleum Exporting Countries and allies (OPEC+) meeting on Thursday. Expectations are that Saudi Arabia and Russia may propose extending oil supply cuts through 2024.
Concerns over oil demand resurface following China’s economic data. NBS Manufacturing PMI for November fell to 49.4 from the previous reading of 49.5. The Non-Manufacturing PMI contracted to 50.02, lower than the expected 51.1.
Canada's Annualized GDP for the third quarter is scheduled for release on Thursday, with a projected increase of 0.2%. Meanwhile, the United States will release key economic data, including Initial Jobless Claims for the week ending November 24 and the Personal Consumption Expenditures (PCE) Price Index data.
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This “USD vs CAD” analysis is based on fundamental and technical insights from trusted sources and does not serve as financial advice or a call to action. Remember, the content aims to enrich readers' information. Always conduct independent research on forex information before using it as a basis for your trading decisions.
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