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Coronary Artery Disease
Coronary artery disease (CAD; also atherosclerotic heart disease) is the end result of the accumulation of atheromatous plaques within the walls of the coronary arteries that supply the myocardium (the muscle of the heart) with oxygen and nutrients. It is sometimes also called coronary heart disease (CHD). Although CAD is the most common cause of CHD, it is not the only one.
CAD is the leading cause of death worldwide. While the symptoms and signs of coronary artery disease are noted in the advanced state of disease, most individuals with coronary artery disease show no evidence of disease for decades as the disease progresses before the first onset of symptoms, often a "sudden" heart attack, finally arises. After decades of progression, some of these atheromatous plaques may rupture and (along with the activation of the blood clotting system) start limiting blood flow to the heart muscle. The disease is the most common cause of sudden death, and is also the most common reason for death of men and women over 20 years of age. According to present trends in the United States, half of healthy 40-year-old males will develop CAD in the future, and one in three healthy 40-year-old women. According to the Guinness Book of Records, Northern Ireland is the country with the most occurrences of CAD. By contrast, the Maasai of Africa have almost no heart disease.
As the degree of coronary artery disease progresses, there may be near-complete obstruction of the lumen of the coronary artery, severely restricting the flow of oxygen-carrying blood to the myocardium. Individuals with this degree of coronary artery disease typically have suffered from one or more myocardial infarctions (heart attacks), and may have signs and symptoms of chronic coronary ischemia, including symptoms of angina at rest and flash pulmonary edema.
A distinction should be made between myocardial ischemia and myocardial infarction. Ischemia means that the amount of blood supplied to the tissue is inadequate to supply the needs of the tissue. When the myocardium becomes ischemic, it does not function optimally. When large areas of the myocardium becomes ischemic, there can be impairment in the relaxation and contraction of the myocardium. If the blood flow to the tissue is improved, myocardial ischemia can be reversed. Infarction means that the tissue has undergone irreversible death due to lack of sufficient oxygen-rich blood.
An individual may develop a rupture of an atheromatous plaque at any stage of the spectrum of coronary artery disease. The acute rupture of a plaque may lead to an acute myocardial infarction (heart attack).
USD/CAD Rotates At Base Of Rising Channel
USD/CAD trades at the bottom of a multi-week range after breaking back above 1.3500 on Thursday. The pair is stabilizing after its steep sell-off following the Federal Reserve's (Fed) March policy meeting, at which officials struck a more-dovish tone than had been expected, leading to a weaker US Dollar (USD).
According to its own projections, the Fed continues to expect to make three 0.25% interest rate cuts (of 0.25% each) in 2024, in response to cooling inflation. Some analysts had expected a reduction in the Fed's forecasts to only two rate cuts due to warmer-than-expected inflation readings at the start of the year.
Lower interest rates are negative for a currency as they attract less inflows of foreign capital so the Fed's persistence in expecting three rather than two cuts in 2024 led USD to sell-off, and USD/CAD to weaken.
The Fed's stance contrasts with that of the Bank of Canada (BoC) which has been reluctant to reveal whether or how many rate cuts it expects to make in 2024. That said, the BoC suggests rate cuts may be on the cards, according to the last BoC meeting minutes, the Summary of Governing Council Deliberations (SGCD).
"Members agreed that if the economy evolves in line with the Bank's projection, the conditions for rate cuts should materialize over the course of this year. However, there was some diversity of views among Governing Council members about when there would likely be enough evidence that these conditions were in place," says the BoC.
One of the conditions BoC members agreed on was that they would want to see sustained easing in underlying inflation before cutting interest rates. One measure of underlying inflation is core inflation.
Since the March meeting, core inflation data has been released, showing an unexpected cooling in February. Canadian Core CPI fell to 2.1% in February compared to 2.4% in January. Whilst on a monthly basis, Core CPI increased 0.1%, the same as in January, according to Statistics Canada.
The data, "could lead to incrementally more dovish language from the BoC at its upcoming April 10 meeting," said David Doyle, head of economics at Macquarie. However, Macquarie's economists, "still see hopes for an imminent rate cut as premature."
With cooling inflation in Canada contrasting with warming inflation in the US the expectation would be for USD/CAD to probably rise.
From a technical perspective, USD/CAD is making slow but steady progress higher within an ascending channel.
US Dollar versus Canadian Dollar: 4-hour chart
The pair appears to be rotating at the bottom of the range and in the process of swinging higher, though it is still too early to say whether it will rise all the way to the top of the channel again.
If it can push above the cluster of major Simple Moving Averages in the lower 1.3500s there is a good chance it will have the momentum to continue higher to the top of the range at roughly 1.3620. A break above 1.3550 would provide a degree of bullish confirmation.
Alternatively a decisive bear break below the lower borderline of the channel at roughly 1.3440 would signal more downside, first to 1.3420, and then 1.3370.
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USD/CAD Drops On Higher Crude Oil Prices, Edges Lower To Near 1.3470
USD/CAD moves downward to near 1.3470 during the Asian session on Thursday, extending its losses for the second successive day. The Canadian Dollar (CAD) likely found support from rising Crude oil prices.
West Texas Intermediate (WTI) crude oil prices edge higher, reaching close to $81.70 by the time of reporting. This increase may have bolstered the CAD, as the United States (US) Energy Information Administration (EIA) announced a second consecutive week of declines in Crude inventories, indicating strong demand in the world's largest oil consumer.
Meanwhile, the Bank of Canada's (BoC) Governing Council is considering potential rate cuts in 2024 should economic conditions align with forecasts. However, internal disagreements persist regarding the timing of such cuts and the risks associated with inflation. Governor Tiff Macklem remains cautious about immediate rate adjustments, citing concerns over underlying inflationary pressures.
At the time of writing, the US Dollar Index (DXY) has declined to approximately 103.20, primarily driven by weaker US Treasury yields. Yields for 2-year and 10-year bond coupons have fallen to 4.58% and 4.25%, respectively. This decrease can be attributed to the US Federal Reserve's (Fed) reaffirmation of expectations for three interest rate cuts this year.
The Federal Reserve maintained its interest rates at 5.5% during Wednesday's policy meeting. Investor sentiment continues to indicate expectations of additional easing measures in 2024, despite the Federal Open Market Committee (FOMC) projecting stronger growth throughout 2024 and 2025 than initially anticipated.
Notably, the FOMC's Dot Plot of interest rate expectations has shown an increase in the long tail end of the curve. Rates are now forecasted to reach approximately 3.1% by the end of 2026, compared to the previous projection of 2.9%.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
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