USD/CAD gathers strength for a break above 1.3600 despite dovish FOMC minutes – by Sagar_Dua24 USDCAD Fed DollarIndex Oil RiskAversion
et is expected to add more gains as the US Dollar Index is aiming to extend the upside further towards 104.00.
S&P500 witnessed a sell-off on Wednesday as fears of a US default are deepening further. Negotiations among the White House and Republicans remained positive on Wednesday, according to House of Representatives Speaker Kevin McCarthy, however, until an agreement of bipartisan remains absent, investors would remain worried. Therefore, the overall market mood is quite negative.Index has refreshed its two-month high above 103.
Meanwhile, the release of the dovish interest rate guidance in Federal Open Market Committee minutes failed to impact US Dollar’s rally. The cleared that Federal Reserve policymakers agreed that more interest rate hikes are less certain due to a potential banking crisis.front, the upside of the oil price seems restricted around $74.50 despite the United States Energy Information Administration has reported a sharp drawdown in oil inventories for the week ending May 19. The oil stockpiles dropped by 12.456 million barrels while the street was anticipating a mild build-up.
It is worth noting that Canada is the leading exporter of oil to the United States and restrictions on the upside for the oil price will have an impact on the Canadian Dollar.
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