USD/CAD bulls move in but face pressures below key resistances – by fx_ross USDCAD Fed BOC Currencies DollarIndex
Nevertheless, the price of oil has blown off to the downside on Wednesday as China continues to struggle with rising Covid-19 infections, imposing mass testing and lockdown measures, lowering economic growth and cutting demand for oil from the world's No.1 importer. At the same time, the European Union readies to impose a price cap on Russian oil exports. Additionally, a report showed a larger-than-expected drop in US inventories.
"In determining the pace of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments."in markets as investors positioned for a softer approach from the Fed which Chair Jerome Powell pushed back against in his presser by suggesting that there will likely be a higher terminal rate.
In such a scenario, this could put a bid into the US Dollar that has been downtrodden ahead of the event.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Price Analysis: Keeps the red near 1.3400 mark, bulls not ready to give upUSD/CAD Price Analysis: Keeps the red near 1.3400 mark, bulls not ready to give up – by hareshmenghani USDCAD Technical Analysis Majors Currencies
Read more »
USD/CAD marches towards 1.3400 as oil bulls take a breather, Fed Minutes eyedUSD/CAD picks up bids to refresh intraday high near 1.3380 during early Wednesday. The Loonie pair’s latest rebound could be linked to the market’s so
Read more »
USD/CAD reaches 1.3495 but drops as Oil price recovers, amidst Fed hawkish rhetoricUSD/CAD reaches 1.3495 but drops as Oil price recovers, amidst Fed hawkish rhetoric – by christianborjon USDCAD Majors Macroeconomics Technical Analysis
Read more »
USD/CAD Price Analysis: Slides towards 1.3400 as 21-DMA, previous support line challenge buyersUSD/CAD Price Analysis: Slides towards 1.3400 as 21-DMA, previous support line challenge buyers – by anilpanchal7 USDCAD Technical Analysis ChartPatterns SupportResistance SwingTrading
Read more »
USD/CAD stays defensive above 1.3400 as Oil price retreats, Canada Retail Sales eyedUSD/CAD bears struggle to keep the reins around 1.3430-40 during early Tuesday morning in Europe. In doing so, the Loonie pair prints the first daily
Read more »
USD/CAD: Losses should extend towards 1.3290 in the short run – ScotiabankUSD/CAD staged a solid rejection of key resistance at 1.3495 yesterday. Economists at Scotiabank expect the pair to extend its fall towards 1.3290 in
Read more »