USD/CAD slips below 1.3600 mark amid rising Oil prices, broad-based USD weakness – by hareshmenghani USDCAD China Recession Fed Currencies
Rising Crude Oil prices underpin the Loonie and weigh on the pair amid a sharp USD pullback.The USD/CAD pair
Crude Oil prices gain positive traction for the second successive day, which underpins the commodity-linked Loonie and weighs on the USD/CAD pair. The upbeat Chinese PMI prints for February lifted hopes that recovery in the world's second-largest economy is gaining steam and boosted thefor fuel demand. Apart from this, the prospects for lower exports from Russia lend support to the black liquid.
According to sources, citing American Petroleum Institute figures on Tuesday, US oil inventories rose by 6.2 million barrels in the week ended February 24. Adding to this, a Reuters survey found that OPEC pumped 28.97 million barrels per day in February, up by 150,000 bpd from January. Investors also seem worried that the rising borrowing costs will dampen economic growth and dent fuel demand.
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