USD/CAD DEPRECIATES TO NEAR 1.3800 AS CANADIAN DOLLAR GAINS ON EARLY ELECTION OUTCOME
USD/CAD DEPRECIATES TO NEAR 1.3800 AS CANADIAN DOLLAR GAINS ON EARLY ELECTION OUTCOME
The USD/CAD currency pair remained under pressure for the second consecutive session on Tuesday, April 29, 2025, trading around 1.3820 during Asian trading hours.
The Canadian Dollar (CAD) strengthened modestly, supported by early election results in Canada.
Early projections indicate that Prime Minister Mark Carney's Liberal Party is leading in Canada's federal election, securing a historic fourth consecutive term.
This outcome has bolstered investor confidence in the CAD.
The U.S. Dollar (USD) experienced downward pressure due to heightened uncertainty surrounding the U.S. presidential election.
Polls show a tight race between Republican candidate Donald Trump and Democratic candidate Kamala Harris, leading to cautious sentiment in the markets.
Crude oil prices, a key export for Canada, remained steady, providing support to the CAD.
Higher oil prices tend to have a positive impact on the Canadian economy, strengthening the CAD.
Traders are closely monitoring the ongoing election count and awaiting final results.
The outcome may influence future monetary policy expectations and impact the USD/CAD exchange rate.
