US DOLLAR FORECAST: FOMC MINUTES, CANADIAN CPI & LATEST CORONAVIRUS HEADLINES SET SPOT USD/CAD PRICE ACTION IN THE SPOTLIGHT
- US Dollar power has reverberated throughout the foreign exchange market because the begin of the 12 months with the DXY Index spiking 3.2% since its December 31 low
- FOMC minutes from the January 2020 Fed assembly on deck for launch may present a lift to the US Greenback all through Wednesday’s buying and selling session
- USD/CAD value motion has potential to get a jolt from the most recent Canadian CPI report and coronavirus developments as effectively
USD value motion has risen a formidable 3.2% year-to-date in keeping with efficiency within the US Dollar Index. The astounding ascent recorded by the US Greenback during the last a number of buying and selling classes has pushed the DXY Index towards the 100.00 value degree and to its highest level since October last year.
US DOLLAR INDEX PRICE CHART: DAILY TIME FRAME (AUGUST 2019 TO FEBRUARY 2020)
Chart created by @RichDvorakFX with TradingView
Dominance exhibited by the US Greenback is owed partly to merchants in search of safe-haven currencies because the novel coronavirus outbreak plagues market sentiment and danger urge for food. This basic theme has offered a optimistic tailwind to identify USD/CAD value motion contemplating the correlation between the Canadian Dollar and oil.
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