USD/CAD bulls prod 1.3550 as sour sentiment weigh on Oil price, puts a floor under US Dollar – by anilpanchal7 USDCAD Oil RiskAppetite Fed BOC
ay morning in Europe. In doing so, the Loonie pair cheers the US Dollar’s latest rebound, as well as justifies the WTI crude oil price’s pullback, amid sluggish trading hours.
It’s worth noting, however, that the risk-off mood, mainly driven by the fears of US debt ceiling expiration and the Federal Reserve’s dovish hike, seems to weigh on the sentiment. Adding strength to the sour sentiment are the geopolitical fears surrounding Russia and China, as well as the market’s cautious mood ahead of this week’s top-tier growth and inflation data.
Amid these plays, S&P 500 Futures print mild losses near 4,155 as it snaps a two-day uptrend after mixed closing of the Wall Street benchmarks. On the other hand, the US Treasury bond yields highlight the rush for risk safety as the benchmark 10-year bond coupons drop to 3.48% at the latest. More importantly, the difference between the one-month and the three-month US Treasury bond yields widen the most since 2001 as the coupons flash 3.48% and 4.98% mark of late.
In addition to the risk catalysts, the Bank of Canada’s comparatively more dovish stance than the Federal Reserve keeps the USD/CAD buyers hopeful. Even so, today’s US Conference Board’s Consumer Confidence gauge for April, expected to remain steady near 104.1 versus 104.2 prior, will be important for the intraday directions.
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