US dollar posts upturn vs Canadian currency

Posted 23 January, 2018

The greenback has strengthened vs the Canadian dollar today. Yet, the American currency might show restrained upward potential, which is said to be related to the fact that demand for local currency failed to get support from the US government return. At the same time, the Canadian dollar was likely to get stimulus from more expensive oil.

On Tuesday, the US Congress approved measures suggested on the issue of short-term financing of the government, with following bill signing by Donald Trump. As a result, the middle grounds achieved by the parties and Trump's signature closed a chapter of a 3-day shutdown. But, the US dollar showed just slight improvement.

In this situation, the USD-CAD rate reached to 1.2460 (0.12% up) in the second half of Tuesday.

For reference, the parties (Republicans and Democrats) attempted to agree on the financial policy, covering immigration and border protection issues, which are considered as a stumbling point.

Notably, last time the government suspended work for 16 days back in 2013.

The Canadian currency, in its turn, is stand to gain from an upturn in oil quotes, given that traders have focused on US data these days. The Canadian dollar lost grounds vs the European currency, so the EUR-CAD pair moved up to 1.5312.

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