USD/CAD remains depressed near daily low, around 1.3400 mark amid weaker USD – by hareshmenghani USDCAD Fed RiskAppetite Recession Currencies
d bounce of around 100 pips from the weekly low. The pair remains depressed through the first half of the European session and is currently placed near the daily low, with bears awaiting a break below the 1.3400 mark.
A combination of factors triggers a sharp US Dollar retracement slide from a one-month high, which, in turn, is seen exerting downward pressure on the USD/CAD pair. The uncertainty over the Fed's rate-hike path drags the US Treasury bond yields higher. This, along with a goodish recovery in the global risk sentiment - as depicted by a generally positive tone around the equity markets - weighs heavily on the safe-haven greenback.
The aforementioned fundamental backdrop supports prospects for the emergence of some dip-buying around thepair, warranting some caution before positioning for any further losses. Traders now look to the release of the US Weekly Initial Jobless Claims data, which, along with the broader risk sentiment, might influence the USD. Apart from this, oil price dynamics could further contribute to producing short-term opportunities around the pair.
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