USD/CAD bears attack 1.3600 even as Oil price grinds higher, US Dollar stabilizes – by anilpanchal7 USDCAD Oil Fed RiskAppetite Inflation
The quote’s heavy fall on Wednesday could be linked to the market’s upbeat sentiment, as well as welcome prints of Canada activity data. Adding strength to the downside bias was the firmer Oil price, Canada’s main export item.improved after Tuesday‘s softer US data contrasted with Wednesday’s strong China PMIs for February.
It’s worth noting that Oil price rose in the last two consecutive days to print the highest level since February 17, making rounds to $77.80 at the latest. In doing so, the black gold struggles to justify the previously upbeat sentiment as US Oil inventories grew more than expected, per the weekly data from the US Energy Information Administration .for February improved to 52.4 versus 50.1 expected and 51.
It should be observed, however, that the hawkish Fed bets and firmer US Treasury bond yields, coupled with the higher Oil inventories appear to challenge the USD/CAD bears afterward. On Wednesday, Minneapolis Federal Reserve President Neel Kashkari said, "Wage growth is now too high to be consistent with 2% inflation." The policymaker also added and noted that it is concerning that the Federal Reserve's rate hikes so far have not brought down service inflation.
Additionally, the US 10-year Treasury bond yields rose to the highest levels since early November 2022 by poking the 4.0% mark whereas the two-year counterpart rallied to the June 2007 levels by piercing the 4.90% mark.
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