USD/CAD bulls attack 1.3470 hurdle as Oil price retreats, BoC contradicts Fed – by anilpanchal7 USDCAD BOC Fed Inflation Oil
Hawkish Fed concerns underpin US Dollar rebound, weigh on Oil price.USD/CAD
remains on the front foot for the second consecutive day, extending the previous day’s rebound from the weekly low to refresh intraday top near 1.3455 during early Thursday. In doing so, the Loonie pair justifies the divergence between the monetary policyat the Bank of Canada and the US Federal Reserve . Also fuelling the quote could be the latest weakness in the Oil price, Canada’s key exports, as well as mixed sentiment.
On Wednesday, the BoC released its monetary policy meeting minutes for the first time and highlighted the growing discussions among the policymakers to pause the rate hikes. On the same line, BoC Governor Tiff Macklemd asked for the time to gauge how households and businesses adapt to higher rates before further moves. The policymaker also said, “Rate hikes have hit homeowners hard.”
Elsewhere, Fed Governor Christopher Waller teased a long fight with a 2.0% inflation target by citing expectations of tighter monetary policy for longer than expected. New York Federal Reserve President John Williams was almost on the same line while saying that the labor market is still very strong and noted that they have more work to do on rates, adding data will determine the path of rate hikes.
It’s worth noting that the US diplomats were also highlighting concerns that defend the higher Fed rates and fuel the USD/CAD price. Among them, US Treasury Secretary Janet Yellen mentioned, “While inflation remained elevated, there were encouraging signs that supply-demand mismatches were easing in many sectors of the economy.” Elsewhere, US President Joe Biden said during a PBS interview that there will be no US recession in 2023 or 2024.
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