The USD/CAD pair extends its consolidative price move on the first day of a new week and is influenced by a combination of diverging forces.
USD/CAD seesaws between tepid gains/minor losses during the Asian session on Monday. Friday’s unimpressive Canadian jobs report weighs on the CAD and lends support to the pair. Middle East tensions benefit Oil prices, underpin the Loonie and cap gains for spot prices. Spot prices currently trade with a mild positive bias, around the 1.3735 region, though remain well within the striking distance of a multi-week low touched on Friday.
Adding to this, the risk of supply disruptions from the Middle East – amid the risk of a broader conflict in the region – assists Crude Oil prices to hold steady near a one-week peak, which lends some support to the commodity-linked Loonie and caps the pair. In the absence of any relevant market-moving economic releases on Monday, either from the US or Canada, the aforementioned fundamental backdrop warrants some caution before positioning for any meaningful gains.
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.
Finnovex Middle East 2024: Beyond Boundaries – Reinventing Finance Through Hyper Connected Ecosystems in the Middle EastFinnovex Middle East 2024: Beyond Boundaries – Reinventing Finance Through Hyper Connected Ecosystems in the Middle East
Read more »
USD/CAD Price Analysis: Rising within range as Canadian Dollar weakensUSD/CAD looks to be starting a leg higher within a range that began unfolding in May.
Read more »
USD/CAD Price Analysis: Reaches critical point at ceiling of three-month rangeUSD/CAD has risen to the top of the range it has been trading in since the middle of April.
Read more »
USD/CAD stays on sidelines near 1.3800 with BoC policy meeting in focusThe USD/CAD pair trades in a tight range near the round-level figure of 1.3800.
Read more »
USD/CAD Price Analysis: Bulls retain control above mid-1.3700s, multi-week highThe USD/CAD pair attracts some buyers for the fifth successive day on Tuesday and trades above mid-1.3700s during the Asian session, closer to a six-week peak touched the previous day.
Read more »
USD/CAD extends gains above 1.3750, eyes on BoC rate decisionThe USD/CAD pair trades in positive territory for the fifth consecutive day near 1.3755, snapping the four-day winning streak during the early Asian session on Tuesday.
Read more »