USD/CAD clings to intraday gains above 1.3200 mark, upside potential seems limited – by hareshmenghani USDCAD Fed China RiskAppetite Currencies
150 horizontal support. Spot prices currently trade around the 1.3220 region, up 0.25% for the day, and remain well within the striking distance of a three-week high touched on Monday.
The US Dollar scales higher for the second successive day and climbs to its highest level since July 10 amid the prospects for further policy tightening by the Federal Reserve , which, in turn, is seen acting as a tailwind for the USD/CAD pair. It is worth recalling that Fed Chairhad said last week that the economy still needs to slow and the labour market to weaken for inflation to credibly return to the 2% target.
That said, signs of receding underlying price pressures in the US could allow the Fed to soften its hawkish stance and end its fastest rate-hiking cycle since the 1980s. This, along with hopes for more stimulus from China, continues to boost investors' confidence, which is evident from the underlying bullish sentiment across the global equity markets and cap gains for the USD.
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