USD/CAD rebounds from 1.3480 support amid downbeat Oil price, focus on US debt ceiling talks – by anilpanchal7 USDCAD Oil RiskAppetite Fed FiscalPolicy
The Loonie pair’s latest rebound could be linked to the downbeat performance of the WTI crude oil, Canada’s main export item. That said, the black gold drops for the third consecutive day as energy bears attack the $71.00, down 1.0% on a day around $71.15 by the press time. In doing so, the black gold justifies expectations of higher Oil production and fears of slower economic growth moving forward.
Elsewhere, the US Dollar Index licks its wounds around 103.00 after reversing from a two-month high the previous day. In doing so, the greenback’s gauge versus the six major currencies cheers the recent cautious optimism about the US policymakers’ ability to overcome the debt ceiling expiry despite the latest failure of talks.
Recently, US President Joe Biden said his discussion with Republican House Speaker Kevin McCarthy went well while also adding that they will again talk on Monday. Previously, Senior White House Adviser Steve Ricchetti said, per Reuters, that they will keep working as he left the debt ceiling meeting early Monday during the Asian session.
On the other hand, the market’s bets of a 0.25% Fed rate hike in June have recently increased and the calls for a rate cut in 2023 have gone down due to the last week’s upbeat US economics and hawkish comments from the Fed officials. As a result, the US Dollar Index hesitates in welcoming the bears and keeps the USD/CAD buyers hopeful.
Amid these pays, S&P500 Futures print mild losses of around 4,200 as it defends the previous day’s U-turn from the highest levels since August 2022. Further, the US 10-year and two-year Treasury bond yields also dropped to 3.65% and 4.23% in that order, which in turn portrays the market’s rush towards Treasury
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