USDCAD bulls eye a significant correction – by fx_ross USDCAD Commodities DollarIndex Technical Analysis Oil
fall and the greenback rallies against a basket of major currencies. The US Dollar is accumulating as investors kept their focus on the Federal Reserve's interest rate hiking path. Ahead of the open, a Fed member poured cold water over the US consumer Price Index upside surprise, arguing it was too soon to call for a pivot.
Meanwhile, both US and Canadian government bond yields have been mixed following the Remembrance and Veterans Day holidays on Friday. In this regard, we will have the Canadian inflation data for October, due on Wednesday. This could offer clues on the Bank of Canada's policy outlook. Money markets expect the central bank to raise interest rates by at least 25 basis points at its Dec. 7 policy announcement.
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