USD/CAD pares intraday gains around mid-1.3600s as Oil price rebounds, BOC’s Macklem eyed – by anilpanchal7 USDCAD Oil BOC Fed RiskAppetite
WTI bounces off yearly low, snaps six-day downtrend, amid fears of supply crunch.Speech from BOC Governor Maclem can entertain traders ahead of bumper catalysts.consolidates daily gains around 1.3650 heading into Monday’s European session as the Loonie pair traders turn cautious ahead of a speech from Bank of Canada Governor Tiff Macklem. Also challenging the pair buyers could be the recently firmer prices of Canada’s key export item, WTI crude oil.
WTI crude oil prints mild gains around $71.80 as it bounces off the yearly low while snapping a six-day downtrend. In doing so, the black gold portrays the supply crunch fears as Russian President Vladimir Putin rejects supplying oil to those countries who accept the European Union -led oil price caps. Also likely to challenge the oil flow could be the shutdown of the key pipeline supply energy benchmark to the US, namely the Keystone pipeline.
While portraying the mood, the markets witness a sluggish start to the key week with mildly offered S&P 500 Futures and inactive Treasury yields. To sum up, mixed sentiment and anxiety prior to the crucial data/events can keep the USD/CAD on the front foot even if the latest rebound inprices probes the upside moves. It should be noted that the absence of hawkish remarks from BOC’s Macklem could help the Loonie pair to remain firmer as the Canadian central bank has recently ruled out odds of aggressive rate hikes.A daily closing beyond the seven-week-old descending resistance line, around 1.
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