USD/CAD remains below the 200-DMA as sellers eye the YTD low around 1.2450 By christianborjon USDCAD Majors Sentiment Oil Macroeconomics
, a gauge of the greenback’s value against a basket of six currencies, climbs 0.22% sits at 98.639. The US 10-year treasury yield easies from YTD highs, down two basis points at 2.348%.Russia – Ukraine’s woes are back in the forefront, keeping investors on their toes. Ukrainian President Zelensky stated that talks with Russia are intricate and sometimes confrontational.
The US economic docket featured more Fed speakers. On a call with reporters, Loretta Mester, Cleveland Fed President, said that the Fed would need to do some 50 bps moves this year while favoring frontloading rate hikes to better position themselves for how the US economy evolves in the second half of 2022. She further added that “USD/CAD Price Forecast: Technical outlook
The USD/CAD is downward biased once the pair broke under the 200-day moving average , sitting at 1.2609. Given that March 3 low at 1.2586 gave way to the USD/CAD, sellers’ next target would be the YTD low at 1.2450. Nevertheless, it would find some hurdles on the way south. The USD/CAD first support would be 1.2550. Breach of the latter would expose September 3, 2021, daily low at 1.2493, followed by January 19 YTD low at 1.2450.
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