USD/CAD trades with positive bias above 1.3200 mark, lacks bullish conviction – by hareshmenghani USDCAD Recession Fed Majors Currencies
Retreating Crude Oil prices undermines the Loonie and lends some support to the major.USD/CAD
pair kicks off the new week on a positive note and builds on Friday's goodish recovery move from sub-1.3100 levels, or the lowest since September 2022. Spot prices stick to modest intraday gains through the Asian session and currently trade near the 1.3225 region, albeit lack any follow-through buying.
Crude Oil prices drift lower for the second straight day as worries that a global economic downturn will dent fuel demand prompt bulls to take some profits off the table, especially after the recent runup to the highest level since April. The concerns resurfaced following the release of rather unimpressive macro data from China, which showed that growth in the world's second-largest economy slowed in the second quarter.
The US Dollar , on the other hand, continues to draw support from the upbeat US data released on Friday, which showed that consumer confidence in July surged to the highest since September 2021. Moreover, a softer tone around the US equity futures further benefits the Greenback's relative safe-haven status.
Market participants now look forward to the Empire State Manufacturing Index, due for release from the US later during the early North American session. Apart from this, the broader risk sentiment will drive the USD demand and provide some impetus to the major. Traders will further take cues from Oil price dynamics to grab short-term opportunities around the USD/CAD pair.
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