USD/CAD edges higher amid modest USD strength and softer oil prices, remains below 1.3200 – by hareshmenghani USDCAD Recession Fed Inflation Currencies
USD/CAD attracts some dip-buying on Thursday and is supported by a combination of factors.Repeated failures to find acceptance above the 1.3200 mark warrant caution for aggressive bulls.The USD/CAD pair
Investors remain concerned that a deeper global economic downturn will dent fuel demand. This, to a larger extent, overshadows supply worries and weighs on, which, in turn, seems to undermine the commodity-linked loonie. Apart from this, the emergence of fresh US dollar buying acts as a tailwind for the USD/CAD pair and remains supportive of the modest intraday uptick.
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