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Posted 10/4/2023, 12:00:00 AM

US Dollar Rises Against Canadian Dollar on Hawkish Fed and Strong US Jobs Data

USD/CAD rises on Fed's hawkish interest rate outlook and robust US jobs data boosting US Dollar.
Higher US Treasury yields due to upbeat jobs numbers add support for the Greenback.
Weaker crude oil prices drag down commodity-linked Canadian Dollar.
US ADP jobs data and NFP report this week eyed for further Fed rate hike cues.
Canada's Ivey PMI awaited to gauge business conditions impacting Loonie.

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Relevant topic timeline:

8/22/2023

USD/CHF advances as markets await a fresh catalyst

The USD/CHF pair is trading with mild gains near the 0.8800 zone as the USD receives a boost from hawkish comments by Fed's Thomas Barking, while investors are awaiting Jerome Powell's speech and US PMI data.

8/23/2023

US Dollar spikes higher as markets realize rate cuts are not coming anytime soon

The US Dollar strengthens as several BRIC countries express support for the currency, while Fed officials remain quiet on rate cuts, and geopolitical tensions boost the Greenback during US trading hours.

8/27/2023

Markets Week Ahead: US Dollar, Gold, Euro, NFPs, Key Fed Inflation Gauge, China PMI

The US Dollar performed well against major currencies, with the British Pound, Euro, and Canadian Dollar underperforming, while the Chinese Yuan and Australian Dollar fared better; the Federal Reserve's indication of a higher terminal rate and potential further borrowing cost increases contributed to the market sentiment, leading to lower US equity markets; upcoming economic data includes consumer confidence, inflation gauges from key European countries, and manufacturing PMI gauges from China.

8/31/2023

Canadian dollar posts biggest monthly decline since February

The Canadian dollar strengthens slightly against the US dollar in August despite concerns about China's economy and a decline in commodity-linked currencies.

9/8/2023

Canadian Dollar Rallies on Strong Jobs Data

The Canadian dollar strengthened against the US dollar as stronger-than-expected jobs data raised the possibility of another interest rate hike by the Bank of Canada.

9/20/2023

Fed Takes Hawkish Stance on Rates, Stoking Market Volatility

The dollar strengthens and stocks decline as the Federal Reserve delivers a "hawkish pause" during the Fed meeting, with updates on the interest-rate decision, dot plot, and Jerome Powell press conference.

9/22/2023

Canadian Dollar Edges Lower but Gains on Week as Oil and Rate Hikes Lift Sentiment

The Canadian dollar edged lower against the US dollar but still maintained a weekly gain due to higher oil prices and the possibility of more interest rate hikes by the Bank of Canada.

9/25/2023

Stocks Slide, Yields Surge as Strong Dollar and Hawkish Fed Spook Markets

The U.S. dollar remains strong above the $105 mark, supported by the hawkish stance of the Federal Reserve and increased Treasury yields, while gold prices consolidate and oil prices rebound due to supply cuts and positive outlooks for the U.S. and China.

10/6/2023

USD/CAD Treads Water Ahead of Key US, Canada Jobs Data; Softer Oil Prices Weigh on Loonie

The USD/CAD pair trades near 1.3700 as focus turns to US/Canada Employment data, with the US private sector hiring 89K job seekers in September and Canada's fresh payrolls expected to be lower at 20K.

10/11/2023

Canadian Dollar Steadies as Oil Prices Slide and Markets Await US Inflation Data

The Canadian Dollar is easing off pressure as Crude Oil prices soften and US data dominates the market, with inflation figures expected to determine chart direction for the rest of the week.

10/12/2023

Canadian Dollar Slumps as Inflation Data Boosts U.S. Yields and Greenback

The Canadian dollar weakened against the US dollar as US bond yields rose after higher-than-expected US inflation data, making the US dollar more attractive to foreign investors and putting pressure on the loonie.

10/19/2023

Canadian Dollar Flat as Markets Eye Fed's Powell, Then Gets Late Boost as USD Softens

Summary: The Canadian Dollar remained mostly steady against the US Dollar on Thursday, but later gained ground as the USD weakened following comments from Fed Chair Jerome Powell, while the release of Canadian economic data had minimal impact on the currency.