USD/CAD clings to gains near 1.3575 area amid sliding Oil prices, modest USD strength – by hareshmenghani USDCAD Recession Fed China Currencies
65-1.3670 region, or one-month high. The pair maintains its bid tone around the 1.3570-1.3575 area through the first half of the European session and for now, seems to have snapped a two-day losing streak.prices struggle to capitalize on Friday's goodish rebound from a one-month low and come under renewed selling pressure amid worries that rising borrowing costs could slow economic growth, which, in turn, will hit fuel demand.
The prospects for further interest rate hikes by the Federal Reserve , along with looming recession risks, push the USD higher for the third successive day on Monday. In fact, the markets have fully priced in another 25 bps lift-off at the end of the highly-anticipated two-day FOMC policy meeting on Wednesday.
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