USD/CAD steadily climbs back to 1.3400 amid retreating Oil prices, stronger USD – by hareshmenghani USDCAD RiskAppetite Fed Inflation Currencies
Tuesday. The steady intraday uptick lifts spot prices back closer to the 1.3400 mark during the mid-European session and is sponsored by a combination of factors.edge lower amid some profit-taking following the recent strong recovery from a 17-month low, which, in turn, is seen undermining the commodity-linked Loonie.
Apart from this, a softer risk tone - as depicted by a fresh leg down in the equity markets - further benefits the safe-haven buck and contributes to the bid tone surrounding the USD/CAD pair. That said, growing acceptance that the Fed is nearing the end of its year-long rate-hiking cycle might keep a lid on any meaningful upside for the Greenback.
, either from the US or Canada, and ahead of the latest US consumer inflation figures on Wednesday. The crucial US CPI report will play a key role in influencing expectations about the Fed's next policy move. This, in turn, should drive the USD demand in the near term and help determine the next leg of a directional move for
. This makes it prudent to wait for strong follow-through buying before confirming the spot prices have formed a bottom near the 1.3300 mark.
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