USD/CAD slides below 1.3600 as US Dollar stays pressured, Oil prices rally amid holiday season – by anilpanchal7 USDCAD RiskAppetite Oil Fed Currencies
Oil prices rally more than 1.0% on headlines surrounding Russia, China.Light calendar, year-end holiday mood to restrict USD/CAD moves but risk catalysts are crucial to watch.holds onto the previous week’s bearish bias, first in the last four, as it renews the intraday low of around 1.3565 during early Tuesday.
The Loonie pair’s latest losses could be linked to the broad-based US Dollar weakness on softer US data, as well as firmer prices of Canada’s key export item, namely WTI crude oil. printed a two-week downtrend by the end of Friday as downbeat US statistics pushed back hawkish expectations from the Federal Reserve , especially when the policymakers are hesitant on strong rate hikes.
Further, the Durable Goods Orders for the said month marked a contraction of 2.1% compared to -0.6% expected and 0.7% previous readings. More importantly, the Nondefense Capital Goods Orders ex Aircraft marked improvement of 0.2% compared to 0.0% expected and 0.3% revised down prior. Additionally, the Federal Reserve Bank of Atlanta’s GDPNow tracker rose to show +3.7% annualized growth for the fourth quarter versus +2.7% previous estimates.renews its intraday high near $80.70, up 1.
Amid these plays, S&P 500 Futures print mild gains around 3,885 while the US Treasury bond yields struggle for clear directions after posting the biggest weekly jump since early April. Looking forward, USD/CAD is likely to remain pressured amid expected inactivity due to the holiday season and a light calendar. However, the risk catalysts may entertain the Loonie pair traders.A daily closing below the six-week-old ascending trend line, around 1.3585 by the press time, directs USD/CAD towards the 50-DMA support surrounding 1.3535.
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