USD/CAD slides below 1.3600 as Oil grinds higher, focus on Fed updates, key US data – by anilpanchal7 USDCAD Oil RiskAppetite GDP CentralBanks
Oil price cheers hopes of more demand from China, OPEC+ output cut.US ADP Employment Change, Q3 GDP and Beige Book eyed as well.grinds lower as it prints mild losses while refreshing intraday bottom near 1.3565 during early Wednesday morning in Europe. In doing so, the Loonie pair traces firmer prices of Canada’s main export item WTI crude oil while cheering a pullback in the US Dollar ahead of the key data/events.
WTI crude oil prints a three-day uptrend as buyers keep the reins around $79.00 amid hopes of more demand from China, after recently easing Covid woes. Also likely to have favored the black gold could be the chatters surrounding a supply cut from the OPEC and its allies including Russia, known collectively as OPEC+, when they meet on December 05.
Elsewhere, global markets turn cautiously optimistic as China announced multiple measures to ease the strict lockdown in the key areas after witnessing a retreat in the daily Covid infections from a record high. Even so, the world’s second-largest economy kept its Zero-Covid policy intact. Bloomberg reported the reopening of some city buildings in the greater Zhengzhou region, the home of a key iPhone plant.
Also likely to have favored the USD/CAD bears is the downbeat prints of the US Conference Board Consumer Confidence Index dropped to 100.2 in November versus 102.2 prior . Additionally, upbeat prints of Canada’s quarterly Gross Domestic Product for the third quarter , to 0.7% versus 0.4% expected and 0.8% prior, also favor the USD/CAD bears.
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