The USD/CAD pair ticks lower during the Asian session on Thursday and for now, seems to have snapped a three-day winning streak to a weekly high, around the 1.3815 region touched the previous day.
USD/CAD trades with a mild negative bias and is pressured by a modest USD downtick. The uncertainty over the Fed’s rate-hike path should help limit any meaningful USD fall. Bearish Oil prices might continue to undermine the Loonie and lend support to the pair. Spot prices currently trade below the 1.3800 mark, though the fundamental backdrop warrants some caution for bearish traders and before positioning for any meaningful depreciating move.
This, along with easing concerns about tight global supplies and the worsening outlook for the global economy, which is expected to dent fuel demand, dragged the black liquid further below the 200-day Simple Moving Average , to a near four-month low on Wednesday. The Bank of Canada Governor Tiff Macklem, meanwhile, had said that the central bank may not have to raise its key overnight rate further if inflation cools in line with expectations.
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