USD/CAD Declines To Near 1.4200 As US Dollar Underperforms Its Peers
The USD/CAD pair falls sharply to near the key level of 1.4200 in North American trading hours on Thursday. The Loonie pair weakens as the US Dollar (USD) underperforms its major peers, with the US Dollar Index (DXY) declining to near 106.70.
US Dollar PRICE Today
The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Canadian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.32% | -0.25% | -1.00% | -0.24% | -0.62% | -0.76% | -0.28% | |
| EUR | 0.32% | 0.06% | -0.69% | 0.08% | -0.31% | -0.44% | 0.02% | |
| GBP | 0.25% | -0.06% | -0.74% | 0.02% | -0.37% | -0.51% | -0.01% | |
| JPY | 1.00% | 0.69% | 0.74% | 0.77% | 0.38% | 0.20% | 0.72% | |
| CAD | 0.24% | -0.08% | -0.02% | -0.77% | -0.38% | -0.52% | -0.03% | |
| AUD | 0.62% | 0.31% | 0.37% | -0.38% | 0.38% | -0.14% | 0.37% | |
| NZD | 0.76% | 0.44% | 0.51% | -0.20% | 0.52% | 0.14% | 0.50% | |
| CHF | 0.28% | -0.02% | 0.01% | -0.72% | 0.03% | -0.37% | -0.50% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).
The Greenback faces selling pressure after the release of the slightly higher-than-expected United States (US) Initial Jobless Claims data for the week ending February 14. Department of Labor reported that individuals claiming jobless benefits for the first time were 219K, higher than estimates of 215K.
The US Dollar was already underperforming even though US President Donald Trump announced on Wednesday that tariffs on automobiles, semiconductors, and pharmaceuticals could be imposed over the next month or sooner. Market participants expect Trump’s tariff agenda could lead to a global trade war. Such a scenario will result in a global slowdown.
Meanwhile, hawkish Federal Open Market Committee (FOMC) minutes for the January meeting also failed to support the US Dollar. The FOMC minutes showed on Wednesday that officials were more worried about deepening upside risks to inflation due to Trump’s policies than risks to the labor market.
In the policy meeting, the Fed kept interest rates steady in the range of 4.25%-4.50% and guided a cautious stance on interest rate cuts.
In the neighboring nation, investors await the Canadian Retail Sales data for December, which will be released on Friday. Month-on-month Retail Sales, a key measure of consumer spending, are estimated to have expanded by 1.6% after remaining flat in December.
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