USD/CAD hovers around the 20-day EMA around 1.3420s – by christianborjon USDCAD Majors Currencies
US Treasury bond yields spurred the uptick in the US Dollar, keeping the USD/CAD above its 20-DMA.
Thursday’s US Consumer Price Index and Jobless Claims would provide fresh impetus to USD/CAD traders.registers minuscule losses in the mid-North American session after hitting a daily low of 1.3357. Market sentiment remains fragile, fluctuating, while a late bid in the US Dollar spurred a jump in the USD/CAD pair. At the time of writing, the USD/CAD is trading at 1.3424, slightly down by 0.14%.US equities are seesawing amidst a mixed mood.
Of late, Federal Reserve Governor Michell Bowman said that continued rate hikes are needed to curb inflation. She added that she’s looking for “convincing evidence” that inflation has peaked and that incoming data will influence her view on the size of interest rate hikes. On the Canadian side, a staggering labor market report last Friday increased the likelihood of a 25 bps rate hike, according to TD Securities analysts. “Today’s report leaves the Bank of Canada in an uncomfortable position.” They added that deceleration in wages would not satisfy Bank of Canada’s policymakers and stated, “we now look for the Bank to hike another 25bps to 4.50% in January. We expect that 4.50% will be the BoC’s terminal rate for this cycle.
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