The Canadian dollar has been on a roll recently, but I'm taking a different approach and buying USDCAD (US dollar strengthens against the Canadian dollar).
US Dollar as a Safe Haven: With economic uncertainties brewing around the globe, the US dollar is often seen as a safe haven currency. Investors flock to the dollar during times of volatility, potentially driving up its value against the CAD.
Weaker Commodity Prices: Canada is a major exporter of commodities like oil and lumber. A recent dip in commodity prices could weaken the Canadian dollar, making USDCAD more attractive.
Federal Reserve Policy: The Federal Reserve is expected to continue raising interest rates to combat inflation. This could widen the interest rate differential between the US and Canada, making US dollar-denominated assets more appealing and strengthening USD/CAD.
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