The USD/CAD pair struggles to capitalize on the overnight goodish intraday rally of around 90 pips from a multi-day low and oscillates in a narrow ban
USD/CAD struggles to attract follow-through buying amid subdued USD price action. A positive risk tone and retreating US bond yields keep the USD bulls on the defensive. Bearish Crude Oil prices undermine the Loonie and act as a tailwind ahead of the BoC. d during the Asian session on Wednesday. Spot prices currently trade just below mid-1.
The flash version of the US PMIs released on Tuesday showed that business activity in the manufacturing sector moved out of contraction territory for the first time in six months, and services activity accelerated modestly in October. This was seen as a sign that the US economy remains resilient despite a surge in interest rates, which should allow the Fed to stick to its rate-hiking cycle to tame inflation.
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