USD/CAD teases bulls below 1.3200 as Oil price retreats toward $75.00, DXY regains 100.00 – by anilpanchal7 USDCAD Oil Inflation Fed BOC
That said, the downbeat prints of Canada’s headline inflation numbers contrast with upbeat details of the, as well as a pullback in WTI Crude Oil, the biggest Canadian export earner, to lure the USD/CAD buyers. However, risk-on mood and dovish Fed concerns seem to prod the Loonie pair’s upside momentum of late.
On Tuesday, Canada’s Consumer Price Index for June eased to 2.8% YoY from 3.0% expected and 3.4% prior. More importantly, the Bank of Canada CPI Core also softened to 3.2% YoY from 3.7% expected and 3.5% expected. On the other hand, US Retail Sales growth for June came in as 0.2% MoM versus 0.5% expected and prior . However, the Retail Sales Control Group marked 0.6% growth versus market forecasts of -0.3% and 0.3% previous readings.
That said, China Industry Ministry recently conveyed fears of insufficient demand and declining revenues and justifies the downbeat Gross Domestic Product data for the second quarter that suggested fears of easing economic recovery in the world’s biggest industrial player. Considering China’s status as one of the biggest oil users, downbeat economic concerns about the dragon nation weigh on the commodity price and underpin the USD/CAD rebound.Index edges higher around 100.
The Fed chatters, however, allow the markets to remain positive together with the headlines from China suggesting that the Sino-American ties are not deteriorating further, even if the progress is minimal. It should be noted that the share prices of the top-tier US banks like Bank of America, Morgan Stanley and Bank of New York Mellon Corp rallied on Tuesday and favored the risk-on mood amidTechnical analysis
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