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USD/CAD Hits Fresh 5-Month Lows As DXY Keeps Tanking
USD/CAD is set to close the second consecutive red month as the Canadian dollar continues to outperform the greenback. The US dollar to Canadian dollar exchange rate has been trading at its lowest level since early August due to falling bond yields and the weakening USD. On Wednesday, USDCAD showed minor gains of 0.04% during its London session. This bounce comes as the forex pair is trading within a strong demand zone. While there could be a bigger short term bounce in the coming days, the broader outlook remains in favor of CAD. Analysts are expecting the Bank of Canada to start cutting rates in early 2024 due to ... (full story)