USD/CAD attracts some sellers below 1.3950 on softer US Dollar
USD/CAD weakens to near 1.3945 in Monday’s Asian session.
Scott Bessent's nomination as US Treasury Secretary weighs on the USD.
Canada's Retail Sales rose 0.4% MoM in September, as expected.
The USD/CAD pair drifts lower to around 1.3945 during the Asian session on Monday. The weakening of the US Dollar and lower US Treasury bond yields after President-elect Donald Trump said he will nominate Scott Bessent as US Treasury secretary weighs on the pair.
Donald Trump announced on Friday night that he will nominate Scott Bessent to be the secretary of the US Department of the Treasury. This, in turn, drags the USD lower by the most in over two weeks. However, the markets expect that Trump’s administration will reignite inflation and slow the path of rate cuts from the Federal Reserve (Fed), which might help limit the USD’s losses. Trump has vowed to impose massive new tariffs, eyeing a duty of 10% to 20% on all foreign goods and 60% or higher on goods coming from China.
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