USD/CAD drops to fresh multi-week low, struggles below 1.3400 ahead of BoC – by hareshmenghani USDCAD Fed Inflation BOC Currencies
downward trajectory extends through the first half of the European session and drags spot prices to a nearly four-week low, around the 1.3380 region in the last hour.prices underpins the commodity-linked Loonie, which, along with the emergence of fresh selling around the US Dollar , exerts downward pressure on the USD/CAD pair. the recent inflation and labour market data from the US kept alive hopes for a 25 bps lift-off at the June FOMC meeting.
The upside for Oil prices, meanwhile, seems limited in the wake of worries that a global economic slowdown will dent fuel demand. The concerns resurfaced following the release of weaker Chinese data, which showed that the trade surplus sank to a 13-month low in May on the back of a surprise slump in exports. This, in turn, suggests that overseas demand for Chinese goods remained weak and poses additional headwinds for the world's second-largest economy.
Traders might also refrain from placing aggressive bets and prefer to wait on the sidelines ahead of the policy decision, due to be announced later during the North American session. The stronger-than-expected employment details and a slight pick-up in price pressures might have raised the possibility of another unanticipated hike by the BoC.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD continues to remain sideways around 1.3450 as focus shifts to BoC policyThe USD/CAD pair is consistently showing back-and-forth action around 1.3430 in the early New York session. The Loonie asset is struggling to deliver
Read more »
USD/CAD bulls eye a move through a 38.2% Fibo, eyes on BoCUSD/CAD has been holding in familiar ranges with the CAD benefitting from a rise in oil prices while the market assesses the prospects of the Bank of
Read more »
USD/CAD extends recovery to near 1.3440 as BoC’s interest rate policy comes into pictureThe USD/CAD pair has stretched its recovery to near 1.3440 in the early New York session. The Loonie asset rebounded firmly from near the round-level
Read more »
USD/CAD remains near three-week lows ahead of the BoC decisionThe USD/CAD stretched lower on Tuesday trading in the 1.3389 - 1.3452 range despite the US dollar maintaining its foot versus other peers, with the DX
Read more »
USD/CAD braces for BoC near 1.3400 as Oil grinds higher, US Dollar strugglesUSD/CAD picks up bids to rebound from the lowest levels in one month as it defends the 1.3400 threshold early Wednesday. In doing so, the Loonie pair
Read more »
USD/CAD Price Analysis: Loonie grinds within bearish channel, 1.3450 and BoC in focusUSD/CAD aptly portrays the Loonie trader’s cautious mood ahead of the Bank of Canada (BoC) Interest Rate Decision as it pares recent losses around a m
Read more »