USD/CAD retreats from weekly high, holds above 1.3400 ahead of US consumer inflation – by hareshmenghani USDCAD China Fed CPI Currencies
Rising oil prices underpin the Loonie and exert some pressure amid sustained USD selling.USD/CAD
Crude oil prices scale higher for the second successive day amid the latest optimism over China's pivot away from its zero-COVID policy, which is expected to boost fuel demand. This, in turn, underpins the commodity-linked Loonie, which, along with the prevalent US Dollar selling bias, acts as a headwind for the USD/CAD pair.
The prospects for smaller Fed rate hikes going forward keep the US Treasury bond yields depressed near a multi-week low and continue to weigh on the greenback. Apart from this, a generally positive tone around the equity markets and a strong pickup in demand for the JPY contribute to driving flows away from the safe-haven buck.
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