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USD/CAD edges up on heightened geopolitical risks

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USD/CAD trades a beat higher on Monday, rising into the 1.3620s, as the US Dollar (USD) strengthens in most pairs, on the back of safe-haven demand as markets are put on edge by reports the President of Iran, Ebrahim Raisi, died in a freak helicopter accident in Northern Iran over the weekend, according to Reuters.

USD/CAD rises on Monday as geopolitical tensions drive safe-haven demand to the Greenback. Canadian CPI data out on Tuesday could impact BoC decision making on interest rates and USD/CAD. A roll-call of Fed officials are scheduled to speak on Monday with implications for USD pairs. USD/CAD trades a beat higher on Monday, rising into the 1.

8% expected YoY, it will probably convince the BoC to delay, resulting in strength for the CAD since the maintenance of higher interest rates is positive for currencies, since it attracts greater foreign capital inflows. Such an outcome would be negative for USD/CAD which measures the buying power of one US Dollar in Canadian Dollars. If CPI comes out lower, the opposite effect is likely to be observed.

 

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