USDCAD Exchange Rate

Citing a lack of further progress toward its 2 percent inflation objective in recent months, the Federal Reserve on Wednesday announced its widely expected decision to leave interest rates unchanged. Members of the Fed also reiterated they need "greater confidence" inflation is moving sustainably toward 2 percent before they consider cutting interest rates.

The U.S. dollar fell against its major counterparts in the New York session on Wednesday, as the nation's manufacturing activity contracted in April and job openings missed estimates in March.

Reflecting a decrease in spending on private construction, the Commerce Department released a report on Wednesday showing U.S. construction spending unexpectedly edged slightly lower in the month of March. The report said construction spending dipped by 0.2 percent to an annual rate of $2.084 trillion in March, while economists had expected construction spending to rise by 0.3 percent.

The Institute for Supply Management released a report on Wednesday showing a modest contraction by U.S. manufacturing activity in the month of April. The ISM said its manufacturing PMI slipped to 49.2 in April from 50.3 in March, with a reading below 50 indicating contraction. Economists had expected the index to edge down to 50.0.

USDCAD pauses aggressive bull run near five-month high. Faces resistance around 1.3800, but remains supported above 1.3690.

USDCAD pauses aggressive bull run near five-month high. Faces resistance around 1.3800, but remains supported above 1.3690.

USD/CAD trades higher again, tests strong resistance level; It is the bulls' first attempt to break above the current trend channel; Momentum indicators are mixed with a possible bearish divergence developing

The Dollar Index surged on the back of robust inflation data, surprising investors and challenging expectations of an imminent rate cut. US Consumer Price Index (CPI) figures outpaced forecasts for the fourth consecutive month, reaching 3.5% over the 12 months to March. This unexpected inflationary pressure prompted a reevaluation of market sentiments regarding Federal Reserve policy moves.