USD/CAD stay pressured towards 1.3000 amid firmer oil, USD weakness ahead of US inflation – by anilpanchal7 USDCAD RiskAppetite Oil Inflation CentralBanks
Oil prices remain firmer amid geopolitical fears, softer US dollar.After BOC rate hike, US CPI will be in focus for clear directions.remains on the back foot as bears flirt with the 1.3025-30 levels during Monday’s Asian session. In doing so, the Loonie pair prints a four-day downtrend after snapping the three-week bull-run in the last.
WTI crude oil remains firmer for the third consecutive day around $86.15, after bouncing off the lowest levels since late January, amid geopolitical fears emanating from the Russia-Ukraine tension and the US-China tussles. The recent Western efforts to cap Russianand the US-Taiwan ties are the main catalysts, not to forget Moscow’s retreat from some of the Ukrainian areas, in these matters.
Among them, Federal Reserve Governor Christopher Waller was the prominent one as he said on Friday that he supports another significant hike in two weeks. On the same line was Kansas City Fed President Esther George who said, as reported by Reuters, “Case for continuing to remove policy accommodation is clear cut.” Furthermore, Cleveland Federal Reserve Bank President Loretta Mester said, “One inflation report is insufficient to alter one's outlook.
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