USD/CAD trims a part of intraday gains, downside seems limited amid sliding oil prices/modest USD strength By HareshMenghani USDCAD Bonds Inflation Fed Currencies
USD/CAD gained positive traction on Tuesday, though the uptick lacked follow-through buying.Retreating oil prices undermined the loonie and might continue to act as a tailwind for the major.pair retreated built on the overnight bounce from its lowest level since April 21 and gained some follow-through traction during the first half of trading on Tuesday. The momentum pushed spot prices to a three-day high, though ran out of stead near the 1.2615-1.2620 region.
The market sentiment remains fragile amid concerns that a more aggressive move by major central banks to constrain inflation could pose challenges to global economic growth. This, along with the recent sharp rise in the US Treasury bond yields, underpinned demand for the safe-haven greenback.
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