USD/CAD seesaws around mid-1.3700s as oil pokes key resistance, focus on US CPI, FOMC Minutes – by anilpanchal7 USDCAD RiskAppetite Oil Fed Inflation
, Canada’s main export item, as well as the hawkish expectations from the US Federal Reserve .
WTI crude oil posted the biggest weekly gains since February after the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+, agreed to lower oil output by 2 million barrels per day. Also favoring the blackcould be the recent escalation in the Russia-Ukraine tussles after an explosion destroyed a part of the bridge in Crimea which is crucial for Russia's war supplies.
That said, the US Dollar Index rose during the last three days while reversing the previous weekly pullback from the 20-year high as markets priced in the 75 basis points of rate hike from the Fed. Behind the hawkish Fed bets could be the firmer US jobs report and upbeat comments from the policymakers that suggest further rate increases before the pause. rose to 265K versus 250K expected. Also adding strength to the greenback gauge was an unexpected fall in the Unemployment Rate to 3.
On the other hand, Canada’s Net Change in Employment rose to 21.1K in September from -39.7K prior, versus the 20K expected. Further, the Unemployment Rate surprised markets with 5.2% figure compared to 5.4% market consensus and prior. Against this backdrop, the US Treasury yields regain upside momentum whereas the equities witnessed the red. It should be noted that the S&P 500 Futures print mild losses by the press time.
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