USD/CAD sits above mid-1.3800s, highest since October ahead of Canadian/US jobs data – by hareshmenghani USDCAD Recession Fed NFP Currencies
The selling pressure around Crude Oil prices remains unabated for the fourth straight day, which undermines the commodity-linked Loonie and acts as a tailwind for the USD/CAD pair. In fact, the black liquid remains on track to register its worst fall since early February amid worries that slowing global economic growth will dent fuel demand.
That said, the prevalent risk-off environment - amid looming recession risks - helps limit losses for the safe-haven buck, at least for the time being. Theremains fragile in the wake of worries about economic headwinds stemming from rising borrowing costs, which is reinforced by a further deepening of the yield curve. Adding to this, the incoming softer Chinese macro data dashed hopes for a strong recovery in the world's second-largest economy.
The USD/CAD bulls, meanwhile, might prefer to take a breather amid a slightly overbought Relative Strength Index on the daily
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