Canadian Dollar ($CAD_USD) Forex Forecast: Down 0.4% Today

What is Canadian Dollar?

The CAD_USD currency pair represents the exchange rate between the Canadian dollar (CAD) and the US dollar (USD). The Canadian dollar is the base currency, and the US dollar is the quote currency. The exchange rate reflects the value of the Canadian dollar relative to the US dollar.

Why is Canadian Dollar going down?

CAD_USD forex is down 0.4% on Feb 13, 2024 14:06

• 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.

CAD_USD Price Chart

CAD_USD Technical Analysis

CAD_USD News

Canada Ends 2023 With Slight Trade Deficit

Canada registered a trade deficit of Can$312 million ( US$232 million ) in December, its first negative measure in several months, the government statistical agency said Wednesday.

https://www.barrons.com/news/canada-ends-2023-with-slight-trade-deficit-c5c489ec

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Canadian Dollar Price History

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.