USD/CAD finds fragile barricades around 1.3660, upside looks favored amid risk-off mood – by Sagar_Dua24 USDCAD Oil BOC Fed PMI
USD/CAD is struggling to extend gains above 1.3660 as USD Index corrects, upside bias still intact.Oil prices are reviving firmly on upbeat Caixin Manufacturing PMI data.has sensed a halt in its upside momentum near 1.3660 in the Asian session. The upside momentum in the Loonie asset has cooled down a bit, however, the upside bias is still intact. The Loonie asset is expected to recapture the previous week’s high around 1.
Losses have deepened by the S&P500 futures in the Asian session as the United States recession has come into the picture amid hawkish Fed bets. The USThe yields offered on US treasury bonds have strengthened further as investors are expecting a mega rate hike from the Fed considering February’s economic
, which are promising a rebound in the inflationary pressures. The 10-year US Treasury yields have scaled to 3.94%, at the time of writing. data. The annualized GDP remained flat lower than the expectations of 1.5% and the former release of 2.3%. While the monthly GDP contracted by 0.1% vs. a flat consensus.but are favorable for the Bank of Canada , which is making efforts in bringing down persistent inflation.
On the oil front, oil prices have rebounded firmly after an upbeat China’s Caixin Manufacturing PMI data. The economic data has landed at 51.6, higher than the consensus of 50.2 and the former release of 49.2. It is worth noting that Canada is the leading exporter of oil to the United States and higher oil prices will strengthen the Canadian Dollar.
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