STARTRADER外汇：美元兑加元为何延续跌势，触及近五个月新低？

Core Viewpoint - The recent decline of the USD/CAD exchange rate reflects the differing economic expectations and monetary policy stances between the United States and Canada, with the USD under pressure and the CAD showing relative strength [1][3]. Economic Data - The U.S. GDP grew at an annualized rate of 4.3% from July to September, significantly exceeding market expectations of 3.3% and surpassing the previous quarter's growth of 3.8% [4]. - The core personal consumption expenditures price index rose by 2.9% quarter-on-quarter, aligning with market expectations, while the GDP price index increased by 3.7%, higher than the forecast of 2.7% [4]. - Despite strong economic data, there are concerns regarding sustainability, with some analysts noting that growth is partially reliant on healthcare spending and inventory depletion, limiting support for domestic demand [4]. Market Sentiment - The market is reassessing the future path of U.S. monetary policy, with expectations shifting towards potential rate cuts in 2026, which diminishes the medium-term attractiveness of the USD [3]. - The upcoming holiday season is expected to reduce market liquidity, making price adjustments more susceptible to changes in sentiment and expectations [4]. Canadian Economic Outlook - Canada's economy showed signs of recovery, with a preliminary estimate indicating a 0.1% month-on-month growth in November, following a 0.3% contraction in October [5]. - The Bank of Canada maintained its overnight rate at 2.25%, signaling a cautious approach to future policy decisions based on incoming data, which contrasts with the discussions surrounding potential rate cuts by the Federal Reserve [5].