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USD/CAD advances to near 1.3700 as US Dollar remains firmer

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The USD/CAD pair edges higher to near 1.3690 during the Asian trading hours on Friday.

USD/CAD gains ground due to the expectations of the Fed keeping higher rates for longer. US Treasury yields lost ground after the release of weak US Initial Jobless Claims on Thursday. BoC Governor Tiff Macklem highlighted the resilience of the financial system following the release of the Financial Stability Report.

However, Macklem cautioned about potential volatility in global markets as expectations evolve regarding the extent and timing of rate cuts. He also noted that financial institutions still have adjustments to make to higher rates and potential shocks, which pose risks to financial stability.

 

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