USD/CAD braces for BoC near 1.3400 as Oil grinds higher, US Dollar struggles – by anilpanchal7 USDCAD Oil Fed BOC RiskAversion
The Loonie pair’s latest corrective bounce could be linked to the WTI crude oil’s retreat from the intraday high, as well as the US Dollar’s pause at the daily low, amid sluggish markets.remains mildly bid near $71.70 as it justifies a downbeat US Dollar and a surprise draw in the weekly Oil inventory data from the American Petroleum Institute .
Elsewhere, US Dollar Index reverses the previous day’s corrective bounce while taking offers around 104.00, down 0.10% on a day by the press time. In doing so, the greenback’s gauge versus six major currencies suffers from downbeat market bets on the Fed’s next move. That said, the interest rate futures show a nearly 15% probability of a June rate hike.
On Tuesday, Canada’s Ivey Purchasing Managers Index for May improved to 60.1 but the seasonally adjusted figures came in softer and prod the USD/CAD bears. It should be noted that the 10-year coupons remain sluggish at around 3.67%, despite a recent corrective bounce, whereas the two-year counterpart rose a bit to 4.50% at the latest. While portraying the mood, S&P500 Futures print mild gains by tracking Wall Street’s performance.
Looking forward, Canadian statistics have been upbeat of late and hence the BoC may show readiness for further rate hikes if needed, which in turn can weigh on the USD/CAD price even if the Canadian central bank is expected to keep the
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