USD/CAD bounces off daily low, finds support near 1.3400 ahead of Canadian/US macro data – by hareshmenghani USDCAD OPEC Coronavirus Fed Currencies
A follow-through rally in Oil prices underpins the Loonie and exerts pressure amid a weaker USD.Investors now look to monthly Canadian GDP and US Consumer Confidence for a fresh impetus.pair struggle to capitalize on its recent move up to over a two-week high - just above the 1.3500 psychological mark - and meets with a fresh supply on Tuesday. Spot prices, however, manage to find some support ahead of the 1.3400 round figure and bounce back to the 1.
Crude Oil prices build on the previous day's solid recovery from the YTD low and rally around 2% amid speculations that OPEC will announce more supply cuts at its meeting on Sunday. The upside for the black liquid, however, remains capped amid worries that the worsening COVID-19 situation in China will hurt economic activity and dent fuel demand.
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