USD/CAD: Strong Oil price probes bulls around 1.3600, Canada Q4 GDP eyed – by anilpanchal7 USDCAD Oil RiskAppetite Fed GDP
January. The Loonie pair’s latest gains seem to take more clues from the upbeat US Dollar than prices of Canada’s key export, namely the WTI crude oil. However, the cautious mood ahead of the key Canadian data appear probing the pair buyers of late. marked a four-week uptrend by the end of Friday, grinding near the highest levels in seven weeks of late, on strong United States data, especially relating to inflation, underpinned hawkish Federal Reserve concerns.
On Friday, the Personal Consumption Expenditures Price Index rose to 5.4% YoY versus 5.3% prior and 4.9% market forecasts. Further, the more relevant Core PCE, known as Fed’s favorite inflation gauge, rose to 4.7% YoY, compared 4.6% prior and analysts' forecast of 4.3%. While tracing upbeat US data, the Federal Reserve officials were also hawkish and backed the US Dollar bulls, as well as USD/CAD pair buyers. President Loretta Mester told CNBC on Friday that his funds' rate was above the median in December and still thinks they need to be somewhat above 5%. The policymaker also added that inflation risks still tilted to the upside.
Also highlighting the US inflation woes was US Treasury Secretary Janet Yellen who spoke on the sideline of the Group of 20 meetings on Friday. “Inflation is coming down if you measure it on a 12-month basis, but still core inflation, which I think will fall further, remains higher than is consistent with 2%,” said the diplomat.
On the other hand, WTI crude oil seesaw around $76.50 after bouncing off a three-week low in the last two consecutive days.A daily closing beyond a downward-sloping trend line from November 2022, now immediate support around 1.3560, directs the
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