Ella 
The Canadian dollar found some support on Wednesday, rising against major currencies during the US session and extending its recent winning streak against the US dollar as investors expect a shift in the Federal Reserve’s (FED) stance on rate cuts and overall market sentiment is high.
Recent house price data released by Canada showed a slight upward trend, prompting slight bullish buying in the Canadian dollar. The Canadian dollar has risen to multi-month highs against the US dollar and has also recovered recent losses against other major currency pairs in recent days.
Daily market dynamics summary: Canadian dollar fluctuates at high level due to rising house prices
Canada’s new house price index rose 0.1% year-on-year in July, higher than the previous value of -0.2%.
Canada’s commodity price index also rose in July, with a quarterly increase of 0.7%, higher than the expected -0.9% and better than the previous value of -1.4%.
The U.S. Bureau of Labor Statistics significantly revised the non-farm payrolls (NFP) for the whole year ending March, reducing the initial value by more than 800,000 jobs.
The latest meeting minutes of the Federal Reserve show that the Federal Reserve began discussing when to cut interest rates as early as July.
The non-cyclical non-farm data adjustment and the Federal Reserve’s dove data help further boost market bets on a September rate cut.
Currently, nearly half of interest rate traders expect the Fed to double down on its rate cut on September 18, cutting rates by 50 basis points.
