USD/CAD struggles to cheer US Dollar pullback near 1.3400 as Oil price retreats on demand fears – by anilpanchal7 USDCAD WTI Oil Inflation RiskAversion
WTI crude oil prints mild gains while defending weekly trading range at four-month high.Fears of slower energy demand from China, US weigh Oil price.prints mild losses around 1.3400 as it steps back from the highest level in 2.5 months marked the previous day. That said, the Loonie pair’s latest retreat could be linked to the market’s cautious optimism, as well as the preparations for the US inflation, not to forget the sluggish Oil Price.
On the other hand, WTI crude oil remains steady within the weekly trading range surrounding $82.00–83.00, down 0.05% intraday near $82.40 as we write. It’s worth noting that China’s inflation data and the trade-positivefrom the White House fail to impress the energy buyers as the looming default of a major China realtor joins the US bank woes to challenge the OPEC+ supply cuts.
Amid these plays, S&P500 Futures recovers from the monthly low marked the previous day and prints mild gains around 4,525. It should be noted that Italy’s surprise tax on windfall profits of banks joined the global rating agencies’ downward revision to the US banks and financial institutions to weigh on the risk sentiment the previous day. On the same line could be fears of the UK recession and slowing economic growth in China, not to forget the Dragon Nation’s geopolitical tension with the US and Japan about Taiwan.
Looking ahead, Canada Building Permits for June and the risk catalysts may entertain the USD/CAD pair traders ahead of the all-important US Consumer Price Index data for July. The US CPI becomes all the more crucial this time after the mixed employment data and the policymakers’ recent hesitance in defending further rate hikes.Although a five-month-old descending resistance line joins the overbought RSI to underpin the USD/CAD pair’s retreat from 1.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD Soars Amid Resilient US Dollar and Weak Oil PricesThe USD/CAD pair climbs swiftly to near 1.3475 in the European session due to the strong US Dollar and a sell-off in oil prices. This news provides information and should not be considered as a recommendation to buy or sell assets. Conduct your own research before making investment decisions.
Read more »
USD/CAD Price Analysis: Refreshes two-month high around 1.3400 as Fed delivers hawkish guidanceUSD/CAD Price Analysis: Refreshes two-month high around 1.3400 as Fed delivers hawkish guidance – by Sagar_Dua24 USDCAD Fed BOC Inflation SupportResistance
Read more »
USD/CAD Price Analysis: Jumps to two-month high, bulls seize control above 100-day SMAThe USD/CAD pair gains strong positive traction on Tuesday and rallies to over a two-month peak, around the 1.3435 region during the first half of the European session. Weaker Chinese trade data revives fears about faltering recovery in the world's second-largest economy and weighs heavily on Crude Oil prices. Apart from this, expectations that the Bank of Canada (BoC) will pause its interest rate hike campaign undermine the commodity-linked Loonie.
Read more »
USD/CAD: Room for a move lower in near-term but unlikely to last – MUFGThe Canadian Dollar underperformed alongside the US Dollar in July. Economists at MUFG Bank analyze USD/CAD outlook. USD/CAD should be trading closer
Read more »
USD/CAD hits two-month high, bulls await move beyond 100-day SMA hurdle near 1.3400The USD/CAD pair touches a two-month peak during the Asian session on Tuesday, with bulls now awaiting a sustained move beyond the 100-day Simple Moving Average hurdle near 1.3400.
Read more »
USD/CAD: There is little to stop additional gains – ScotiabankWeak risk appetite and softer commodity prices are dragging the CAD lower. Shaun Osborne, Chief FX Strategist at Scotiabank, expects the USD/CAD pair to extend its gains through the upper 1.33 area.
Read more »