The Fed has kept the interest rate in the range of 5.25-5.50% during Wednesday's meeting. Fed Chair Jerome Powell reiterated the Fed's commitment to achieving the 2% inflation target. Powell also mentioned that they are ready to raise interest rates if deemed necessary. This is another factor contributing to the strength of the U.S. dollar.

West Texas Intermediate (WTI) crude oil is trading at around $89.90 per barrel, and this upward trend is a result of deliberate production cuts by OPEC+ producers. However, it could benefit Canada's exports, as higher oil prices and the weakening Canadian dollar can lead to increased profits for Canada.

Investors are eagerly awaiting economic data to be released on Friday, including the global PMI data from S&P for the United States in September and Canada's retail trade figures for July. These numbers are crucial economic indicators for both countries and can assist traders in forecasting potential price movements.