USD/CAD bulls stay firm at key support as focus moves to US NFP – by fx_ross USDCAD Currencies BOC DollarIndex
rior day's bearish sell-off when the price fell from the 1.37s towards the end of last month´s trade.
Gains in the CAD in recent times come on the back of a calming in financial markets as stress in the global banking sector showed signs of easing and stronger oil prices. The price of oil, one of Canada's major exports, added to Monday's impressive rally that followed OPEC+ plans to cut more production.However, the Loonie has been unable to fully capitalize on the US dollarçs weakness and poor data this week as it tests into key daily support that has resulted in profit taking.
The greenback was pressured last week on the back of Friday´s PCE data, the Federal Reserve´s preferred inflation measure. this came in mixed. While headline and core both came in a tick lower than expected, super core accelerated for a second straight month to 4.63% YoY which is the highest since October.
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