USD/CAD bulls hold the fort as oil prices wobble By ross_burland USDCAD Technical Analysis
Fed and BoC coming into focus beyond oil prices.is flat on the session and has moved in a relatively tight range of just 15 pips between 1.1513 and 1.12530 so far. The Canadian dollar weakened against the greenback at the start of the week, ducking below a two-month high, asThe moves follow nine straight days of gains for the loonie, the longest winning streak since August 2016. On Friday, the pair reached the best level since Jan. 20 at 1.2462.
''While our tracking of Shanghai traders' metals positioning suggests confidence that Chinese production will remain resilient, the lockdowns are translating into a significant hit to mobility. As of last week, road traffic in China had collapsed by nearly 10% on the month amid Omicron's explosive spread, a figure which appears likely to intensify amid imminent lockdowns.''
Overnight, the BoC's Kozicki spoke on households and monetary policy late on Friday. ''DG Kozicki stated that Bank would be debating the pace and magnitude of tightening ahead of its April announcement and stating that the Bank was prepared to act forcefully,'' analysts at TD Securities explained.
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