USDCAD struggles to cheer risk-off mood, DXY rebound amid firmer Oil prices – by anilpanchal7 USDCAD Oil RiskAppetite CentralBanks Currencies
Market sentiment deteriorates ahead of the key G20 meeting.Oil prices print three-day uptrend amid hopes of more demand from China, easy monetary policy.struggles for clear directions as the 100-DMA challenges the bears at the lowest levels in two months during early Monday. In doing so, the Loonie pair justifies the market’s anxiety, as well as the mildly bid prices of Canada’s main export item WTI crude oil.
Reuters quotes US President Biden as saying that the US communication lines with China would stay open to prevent conflict, with tough talks almost certain in the days ahead. The news also mentioned, “The United States would ‘compete vigorously’ with Beijing while "ensuring competition does not veer into conflict", said Biden, stressing the importance of peace in the Taiwan Strait during an address to the East Asia Summit in Cambodia. He arrived in Bali on Sunday night.
It should be noted that the IMF blamed the darker outlook on tightening monetary policy triggered by persistently high and broad-based inflation, weak growth momentum in China, and ongoing supply disruptions and food insecurity caused by Russia’s invasion of Ukraine, per Reuters.
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