Canadian Dollar ($CAD_USD) Forex Forecast: Down 1.3% Today

What is Canadian Dollar?

The CAD/USD currency pair represents the value of the Canadian dollar against the US dollar in the foreign exchange market. Today, the pair experienced a significant bearish movement.

Why is Canadian Dollar going down?

CAD_USD forex is down 1.3% on Nov 26, 2024 0:01

• The bearish movement in the CAD/USD pair could be attributed to potential strength in the US dollar following the announcement of cash distributions for Invesco's ETFs.
• Investors may have shifted their focus towards US assets, leading to a decrease in demand for the Canadian dollar and subsequently causing the pair to decline.
• The cash distributions for Invesco's ETFs might have influenced market sentiment, prompting traders to reposition their portfolios in favor of USD-denominated assets, impacting the CAD/USD exchange rate negatively.

CAD_USD Price Chart

CAD_USD Technical Analysis

CAD_USD News

Invesco Canada announces cash distributions for its ETFs - Invesco ( NYSE:IVZ )

TORONTO, Nov. 21, 2024 /CNW/ -- Invesco Canada Ltd. ( "Invesco" ) announced today the November 2024 distributions for its exchange-traded funds ( ETFs ) . Unitholders of record on November 28, 2024, will receive cash distributions payable on December 6, 2024.

https://www.benzinga.com/pressreleases/24/11/n42124450/invesco-canada-announces-cash-distributions-for-its-etfs

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Canadian Dollar Price History

26.10.2024 - CAD_USD Forex was down 1.3%

• The bearish movement in the CAD/USD pair could be attributed to potential strength in the US dollar following the announcement of cash distributions for Invesco's ETFs.
• Investors may have shifted their focus towards US assets, leading to a decrease in demand for the Canadian dollar and subsequently causing the pair to decline.
• The cash distributions for Invesco's ETFs might have influenced market sentiment, prompting traders to reposition their portfolios in favor of USD-denominated assets, impacting the CAD/USD exchange rate negatively.

13.01.2024 - CAD_USD Forex was down 0.4%

• The bearish movement in the CAD_USD currency pair today could be attributed to the following factors:
• 1. Trade Deficit: Canada ended 2023 with a slight trade deficit in December. A trade deficit occurs when a country's imports exceed its exports, indicating a higher demand for foreign goods and potentially weakening the country's currency. This could have contributed to the bearish movement in the CAD_USD pair.
• 2. Weakening Canadian Economy: The trade deficit could be an indication of a weaker Canadian economy, which may have led to a decrease in investor confidence and a subsequent sell-off of the Canadian dollar. This selling pressure could have contributed to the bearish movement in the CAD_USD pair.
• 3. Market Sentiment: Other factors such as overall market sentiment, global economic conditions, or geopolitical events could also have influenced the bearish movement. It's important to consider these broader factors when assessing currency pair movements.
• In summary, the bearish movement in the CAD_USD currency pair today could be attributed to the trade deficit in Canada, indicating a potential weakening of the Canadian economy and a decrease in investor confidence.