USD/CAD eyes to regain 1.2500 around nine-week low on softer oil, firmer USD By anilpanchal7 USDCAD RiskAppetite Oil Ukraine YieldCurve
Oil prices decline as Shanghai lockdown, hopes of Iran deal battle geopolitical fears in Saudi Arabia.US trade numbers, risk catalysts to entertain traders but US NFP will be crucial amid hawkish Fedspeak.licks its wounds near a two-month low, up 0.12% intraday around 1.2500 during early Monday morning in Europe.
In doing so, the loonie pair prints the first daily gains in 10 as prices of Canada’s key export item, WTI crude oil, drop. Also fueling the USD/CAD prices is the risk-off mood, as well as firmer yields, which favor the USD strength.print 1.90% intraday loss while declining to $109.70 by the press time.
Elsewhere, the US 10-year Treasury yields rise 5.4 basis points to the highest levels since May 2019, around 2.54% by the press time, which in turn propelled the towards a two-week high. Also supporting the USD/CAD bulls are the escalation tensions between Russia and the West, as well as indecision over Kyiv-Moscow talks, not to forget the covid woes.
Against this backdrop, the S&P 500 Futures retreat from a seven-week high, down 0.33% intraday around 4,521 by the press time. Moving on, the US Goods Trade Balance and Wholesale Inventories for February can direct intraday moves. However, major attention will be given to the risk catalysts, comprising headlines concerning the Ukraine-Russia crisis, coronavirus news and yields.Any recovery remains elusive unless the quote stays below the 200-DMA level surrounding 1.2615. That said, fresh downside will aim for the yearly bottom of 1.2450.
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