USD/CAD refreshes weekly low; hangs near mid-1.3300s amid rising oil prices, weaker USD – by hareshmenghani USDCAD Turkey Fed Recession Currencies
USD/CAD drifts lower for the second straight day and is pressured by a combination of factors.A sustained break below the 1.3400 mark might have already set the stage for additional losses.pair extends this week's retracement slide from the 1.3470-1.3475 region and remains under heavy selling pressure for the second successive day on Wednesday.
remains fragile amid worries about economic headwinds stemming from rapidly rising borrowing costs, the COVID-19 outbreak in China and the protracted Russia-Ukraine war. Furthermore, looming recession risks might keep a lid on any further gains for the black liquid. The aforementioned factors might contribute to limiting the downside for the USD/CAD pair, at least for the time being. That said, the overnight break below the 1.3400 round-figure mark suggests that the USD/CAD pair's recent strong recovery move from the lowest level since November 16 has run its course and supports prospects for a further intraday depreciating move.
In the absence of any relevant market-moving economic data from the US, traders will take cues from scheduled speeches by influential FOMC members. This, along with the US bond yields and the broader risk sentiment, will drive the USD. Apart from this, oil price dynamics should provide some impetus and allow traders to grab short-term opportunities around the USD/CAD pair.
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