USD/CAD shifts auction profile above 1.3400 ahead of Canada Inflation – by Sagar_Dua24 USDCAD Oil BOC Fed Inflation
recovery from a fresh seven-month low at 101.36, the USD Index is displaying signs of volatility contraction around 102.00.
S&P500 futures witnessed some sell-off on Monday after a four-day winning streak, however, the United States markets were closed on account of Martin Luther King Jr. Day. Growing caution for risk-perceived assets despite the fact that the Federal Reserve is expected to slow down the pace of policy tightening may keep investors on the sidelines. data, which will release on Wednesday.
On the Loonie front, investors are awaiting the release of Canada’s inflation data, which is scheduled for Tuesday. According to the market estimates, the annual headline CPI will trim to 6.3% from the former release of 6.8%. However, the core inflation will escalate to 6.1% vs. the 5.8% released earlier. This might compel the Bank of Canada to continue hiking interestMeanwhile, the oil price has found an intermediate cushion of around $79.
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