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US dollar slowly gaining strength, markets keeping an eye on inflation

By MoneyWay | Jun 24, 2021

The USD gained against most currencies including the CAD, markets are now focusing on the Federal Reserve’s comments in the near future. Central banks as a group have been  maintaining that although inflation is above most ranges, it’s anticipated that it will dissipate very soon and that there is no reason to hike rates to counter inflation. That being said, both the Fed and the Bank of Canada have come out with an additional comments that if things don’t improve then higher rates could arrive sooner than later.

The CAD is weaker even as oil prices stay near five year highs, commodities this morning are mixed and will likely trade that way till next week.

                                Currently*          Close                     Range

USDCAD               1.2333                   1.2305                   1.2282-1.2340

EURCAD               1.4710                   1.4674                   1.4663-1.4719

GBPCAD               1.7151                   1.7177                   1.7080-1.7195

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