USD/CAD steadies around 1.3000 despite softer oil, recession woes, focus on BOC – by anilpanchal7 USDCAD Inflation Oil Recession BOC
ion. The Loonie pair portrayed the broad risk-off mood, as well as softer oil prices, to begin the key week comprising the US inflation data, as well as the Bank of Canada A jump in the US inflation expectations and comments from the US policymakers suggesting more pain ahead escalated the fears of economic slowdown, which in turn propelled the market’s rush towards risk safety.
That said, one-year US inflation expectations jumped to the record high of 6.8% in June, versus 6.6% prior, per the NY Fed’s survey of one-year-ahead consumer inflation expectations. The inflation expectations followed strong US employment data, published Friday, to underpin hopes of an aggressive Fed rate hike and fuelled concerns over the health of the US economy, as well as the global ones.
Elsewhere, WTI crude oil keeps the week-start losses around $100.30, down 0.80% intraday, as fears of softer demand due to the global economic slowdown fears join the chatters that US President Joe Biden will push for greater oil output during his trip to the Middle East, starting from Tuesday.and were lower while the S&P 500 Futures remains directionless by the press time.
Moving on, risk catalysts could be of importance to the USD/CAD traders amid a light calendar at home. However, major attention will be given to Wednesday’s BOC meeting as the Canadian central bank is up for a heavy rate hike of 0.75% during its fourth attempt to tame inflation.USD/CAD struggles for clear directions between a two-month-old resistance line and an upward sloping support line from June 08, respectively around 1.3085 and 1.2925.
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