USD/CAD marches towards 1.3400 as oil bulls take a breather, Fed Minutes eyed – by anilpanchal7 USDCAD Oil Fed RiskAppetite Currencies
ur sentiment, as well as a pause in the WTI crude oil’s recovery moves. However, a cautious mood ahead of the key data/events challenges the pair buyers.fades the previous day’s optimism as headlines suggesting a jump in China’s Covid numbers joined the Reserve Bank of New Zealand’s utterly hawkish move to suggest that the global central banks aren’t out of steam.
While portraying the mood, S&P 500 Futures print mild losses while the US 10-year Treasury yields struggle for clear directions near 3.75%.seesaw around $81.00 after bouncing off a 10-month low the previous day. The black gold rose the previous day amid fears of a supply crunch and talks of the oil price cap, as well as Saudi Arabia’s rejection to support the OPEC+ output increase signals.
On Tuesday, firmer sentiment and recovery in oil prices favored the USD/CAD bears. On the same line could be the upbeat prints of Canada’s Retail Sales for September. In doing so, the Loonie pair ignored firmer US data and hawkish comments from the US Federal Reserve officials.
Moving on, USD/CAD is likely to witness a sluggish day amid the market’s pre-event fears. However, traders will pay major attention to the oil fundamentals and theA clear U-turn from the 21-DMA hurdle of 1.3466, as well as a downside break of the one-week-old ascending trend line, currently around 1.3390, keeps the
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