USD/CAD bulls eye monthly hurdle near 1.3480 amid softer Oil price, downbeat BoC talks – by anilpanchal7 USDCAD BOC Fed RiskAppetite Oil
ces of WTI crude oil, during early Friday. In doing so, the Loonie pair also justifies dovish commentary from the Bank of Canada officials versus the hawkish remarks from the Federal Reserve policymakers, not to forget the upbeat US data.
Earlier in Asia, BoC Deputy Governor Paul Beaudry mentioned, “Floating Canadian Dollar gives the bank the flexibility to chart a different path than trading partners and focus on setting interest .” The same underpins the dovish bias about the Canadian central bank, as previously confirmed by BoC Governor Tiff Macklem as he said on Thursday, “We’ve seen some evidence that our interest rate increases are starting to slow demand and rebalance our overheated economy.
buyers as it jumped the most since June with 0.7% MoM figure. Also positive for the pair was the improvement in the US Initial Jobless Claims for the week ended on February 10, 194K versus 200K expected and 195K prior. Alternatively, a slump in the Housing Starts for January and the Philadelphia Fed Manufacturing Survey for February seemed to have gained a little attention.
It should be noted that the WTI crude oil prints mild gains while paring the weekly losses around $78.40 by the press time. Given the Canadian economy’s reliance on the WTI exports, the weekly fall in the black gold’s price favors the USD/CAD bulls. Other than the central bank talks, US data and Oil’s move, the geopolitical catalysts also propel the USD/CAD prices. That said, the fresh US-China tension and Russia’s refrain from stepping back when it comes to attacking Ukraine also weigh on the risk appetite and fuel the Loonie pair, due to the US Dollar’s safe-haven demand.
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