USD/CAD climbs back closer to mid-1.3600s amid retreating Oil prices, modest USD strength – by hareshmenghani USDCAD Recession Fed Bonds Currencies
USD/CAD regains positive traction on Tuesday and draws support from a combination of factors.The fundamental backdrop favours bulls; the focus remains glued to Fed Chair Powell’s testimony.attracts fresh buying near the 1.3600 round-figure mark on Tuesday and builds on its steady intraday ascent through the mid-European session. The momentum lifts spot prices to a fresh daily top, around the 1.3645 region in the last hour, and is sponsored by a combination of factors.
Crude Oil prices retreat from the highest level since late January touched this Tuesday amid fading optimism about a strong fuel demand recovery in China. In fact, data released earlier today showed a contraction in China's crude imports in January and February, which, to a larger extent, overshadows supply concerns and weighs on the black liquid.
higher for longer acts as a tailwind for the Greenback. The bets were reaffirmed by the incoming US macro data, which indicated that inflation isn't coming down quite as fast as hoped and pointed to an economy that remains resilient despite rising borrowing costs. Moreover, a slew of FOMC officials backed the case for higher rate hikes and opened the door for a 50bps lift-off at the March policy meeting.
The Bank of Canada , meanwhile, had signalled in January a likely pause in its tightening cycle and is now expected to leave rates unchanged at the upcoming policy meeting on Wednesday. This, in turn, suggests that the path of least resistance for the USD/CAD pair is to the upside. Some follow-through buying beyond the February swing high, around the 1.
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