USD/CAD remains depressed below 1.3600 mark amid rising oil prices, weaker USD – by hareshmenghani USDCAD OPEC Fed Recession Currencies
Rising oil prices underpin the loonie and exert pressure amid a modest USD downtick.pair comes under heavy selling pressure on Tuesday and extends the overnight late pullback from the 1.3685 region, or a multi-day high. The downward trajectory drags spot prices to a fresh daily low, around mid-1.3500s during the early European session and is sponsored by a combination of factors.
The global risk sentiment gets a boost following the release of Chinese Caixin Manufacturing PMI, which improved to 49.2 in October from 48.1 previous. The upbeat market mood, along with speculations that the Fed will soften its hawkish stance amid signs of a slowdown in the US economy, is seen weighing on the safe-haven greenback.in the wake of China's strict zero-COVID policy amid the resurgence of cases in Shanghai and Wuhan. This could act as a headwind for the black liquid.
Furthermore, expectations that the Fed will deliver another supersized 75 bps rate hike at the end of a two-day policy meeting on Wednesday should limit the downside for the buck. This, in turn, supports prospects for the emergence of some dip-buying around the USD/CAD pair and warrants some caution for aggressive bearish traders., highlighting the release of the ISM Manufacturing PMI later during the early North American session.
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