USD/CAD slides further below 1.2700 mark, fresh weekly low amid modest USD weakness By HareshMenghani USDCAD RiskAppetite Fed CPI Currencies
Following a brief consolidation through the first half of the trading on Wednesday, the USD/USD pair met with a fresh supply and was pressured by a combination of factors. An uptick in crudeprices underpinned the commodity-linked loonie. On the other hand, a generally positive risk tone continued weighing on the safe-haven US dollar, which, in turn, dragged the pair lower for the third successive day.
Russia said on Tuesday that some of its troops were returning to bases following exercises near the Ukraine border and eased fears about a full-blown conflict with the West. This triggered a fresh wave of the global risk-on trade, which was evident from the bullish moves across the equity markets and drove flows away from traditional safe-haven assets.
Hence, the market focus will remain on the FOMC meeting minutes, due for release later during the US session. Investors will look for fresh clues about the likely pace of the Fed's policy tightening cycle, which will influence the near-term trajector for the USD and . In the meantime, the Canadian CPI report and the US monthly Retail Sales data might produce some short-term trading opportunities.
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