USDCAD climbs to 1.3530, downside remains favored amid a solid risk-on mood – by Sagar_Dua24 USDCAD Fed BOC Oil Employment
dollar index
is in a sideways profile in early Tokyo after bloodshed on Friday. All pullbacks in the mighty DXY were considered as selling opportunities by the market participants as chatters started over a possible slowdown in Federal Reserve ’s rate hike pace. While the 10-year US Treasury yields are firmer above 4.16% despite falling odds for a 75 basis point rate hike in December. The odds for a three-quarter to a percent rate hike have trimmed to 38.5% after a less-hawkish commentary from ChicagoFed Evans is of the view that smaller rate hikes will be announced ahead as front-loading by the US central bank is done as risk is becoming two-sided sooner.
The Loonie got strengthened on Friday after the release of the robust payroll data. The economy has added 108.3k jobs vs. the expectations of 10k. Analysts at CIDC point out the surge could simply be a sign that some of the declines seen over the summer were simply statistical noise. According to them, the data support their call for a further 50bp interest rate hike at that time, but they warn there is still one more employment report to come before the next Bank of Canada meeting.
On the oil front, oil prices are holding themselves around $92.00 as expectations of a slowdown in the Fed’s rate hike have triggered chances of acceleration in oil demand’s prospects. Optimism is supported oil gathering pace and current upside momentum could send the oil prices further ahead.
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