Home Analysis USD/CAD extended the gains on safe-haven flows

USD/CAD extended the gains on safe-haven flows

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USDCAD extended the gains on safe-haven flows - forexspacex.com

UNITED STATES DOLLAR / CANADIAN DOLLAR

USD/CAD surged during the previous trading session and recouped all the weekly losses after US inflation data came out hotter than expected. The Core CPI, excluding food and energy prices, increased more than market expectations, rising to 6.3% from 5.9% in July despite multiple rate hikes from the Federal Reserve. According to financial analysts, U.S. central bank will opt for a slightly aggressive stance this time. The dollar index, which tracks the greenback against the basket of major currencies, shot up nearly 1.6% and closed above the 110.00 level. This supported the USD/CAD and the pair gained 1.48% to settle above the 21-day EMA.

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