USD/CAD retreats towards 1.3400 amid firmer Oil price, eyes on Fed’s Powell, BoC’s Macklem – by anilpanchal7 USDCAD BOC Fed Oil Recession
y. Even so, the Loonie pair remains near the highest levels in 12 days as traders await speeches from Bank of Canada Governor Tiff Macklem and Federal Reserve ChairmanThe quote’s latest weakness could be linked to the market’s mildly positive sentiment amid receding recession fears. Adding strength to the pullback moves could be the firmer prices ofThat said, WTI crude oil rises 0.40% to $75.00 while extending the previous day’s rebound from a two-month low.
Elsewhere, a dash on the US diplomatic visit to Beijing and China’s harsh reaction to the US shooting down its balloon by terming it a spying attempt triggered the market’s risk-off mood and propelled the USD/CAD pair the previous day. However, the latest comments from US President Joe Bide appear soothing on the matter as he said, “The balloon incident does not weaken US-China relations.”
While portraying the mood, S&P 500 Futures print mild gains but the US 10-year Treasury bond struggled for clear directions around 3.63%, after a two-day rebound from the monthly low. Furthermore, upbeat prints of the Canada Ivey Purchasing Managers Index for January, 60.1 versus 55.2 expected and 49.3 prior, also seem to exert downside pressure on the USD/CAD price.
Looking forward, USD/CAD traders could initially react to the Canadian trade numbers for December. However, speeches from BoC’s Macklem, Fed’s Powell and US President Joe Biden’s State of the Union will be crucial for clear directions.Another failure to cross the 50-day Exponential Moving Average , around 1.3450 by the press time, keeps
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