Forex Forecast: USD/CAD

Last Friday, the USD/CAD reached an eight-month high, following a week-long rise of 2.4 percent. Fears of global economic development stalling due to the Delta variation and growing international political tensions prompted a run to the US dollar as a haven.

• Key Data Releases from the US during Aug 23-27

On Thursday, August 26, the Federal Reserve will kick up its annual three-day Jackson Hole conference in the United States.

Even though the approaching taper has been widely reported in the media, Fed policymakers are expected to remain cautious in light of recent economic statistics, leaving their options open if US growth and job creation deteriorate.

• Key Data Releases from Canada during Aug 23-27

Canadian statistics for the coming week are restricted to raw material and industrial price indices for July. So, there wont be any big market repercussions.

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