USDCAD sticks to gains above mid-1.3400s amid softer oil prices, modest USD strength – by hareshmenghani USDCAD Fed Bonds Recession Currencies
cks to its gains above mid-1.3400s through the first half of the European session and is supported by a combination of factors.prices add to the overnight heavy losses and edge lower for the second straight day, which, in turn, is seen undermining the commodity-linked Loonie. Investors remain concerned that China's zero-COVID policy could dent fuel demand in the world's top crude importer. Furthermore, the American Petroleum Institute reported on Tuesday that US inventories grew by 5.
Market participants might also refrain from placing aggressive bets and prefer to move to the sidelines ahead of the release of the US consumer inflation figures on Thursday. Hence, it will be prudent to wait for strong follow-through buying before confirming a near-term bottom and positioning for any further gains. In the absence of any major market-moving
from the US, speeches by New York Fed President John Williams and Richmond Fed President Thomas Barkin might provide some impetus to the USDCAD pair later during the early North American session.
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