The Canadian Dollar climbed to a seven-week high of 1.3933 against the US Dollar on Wednesday, fueled by a broader sell-off in the Greenback following the conclusion of the US midterm elections.
The Canadian Dollar gained around 0.50% against the US Dollar on Wednesday, pushing USD/CAD to seven-week lows around 1.3933, as the Greenback faced fresh selling pressure after US midterm election results. The direct effect is a lower pair, with the move already quantified. The risk is that the election outcome may have been partly priced in, limiting further CAD strength.
The article attributes the move to fresh selling pressure on the Greenback following the US midterm election results, with USD/CAD falling to seven-week lows around 1.3933.
The pair trades around 1.3933, with the Canadian Dollar gaining around 0.50% on Wednesday.
The Canadian Dollar strengthened by 0.50% against the US Dollar on Wednesday, driving the USD/CAD pair to a seven-week low of 1.3933. This move follows fresh selling pressure on the Greenback as markets react to the latest US midterm election results.
The Canadian Dollar is rising due to fresh selling pressure on the US Dollar following the release of US midterm election results.
The USD/CAD pair is currently trading around 1.3933, reflecting a 0.50% gain for the Canadian currency.