USD/CAD struggles near weekly low, around mid-1.2600s amid bullish oil prices/weaker USD By HareshMenghani USDCAD OPEC Fed Employment Currencies
Bullish oil prices underpinned the loonie and exerted pressure amid sustained USD selling bias.The USD/CAD pair
witnessed fresh selling during the early North American session and dropped to a fresh weekly low, around mid-1.2600s in reaction to the dismal US ADP report. Following an early uptick to the 1.2700 mark, the USD/CAD pair turned lower for the third successive day on Wednesday and was pressured by a combination of factors. Crude oil prices jumped to a fresh seven-year high, which continued underpinning the commodity-linked loonie. This, along with the heavily offered tone surrounding the US dollar, exerted downward pressure on the major.
Oil prices broke out of a one-week-old consolidative trading range and shot to a fresh seven-year high after the OPEC+ announced to increase Marchproduction by 400K barrels per day. This, along with the post-pandemic recovery in fuel demand, should keep a tight supply condition. Apart from this, the conflict between Russia and the West over Ukraine acted as a tailwind for the black gold.
This, along with weaker US Treasury bond yields and a generally positive tone around the equity markets, further undermined the greenback's relative safe-haven status. The fundamental backdrop supports prospects for a further near-term depreciating move for the USD/CAD pair, though the lack of any follow-through selling warrants some caution for aggressive bearish traders.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
USD/CAD remains on the defensive around 1.2700 amid bullish oil prices/weaker USDUSD/CAD remains on the defensive around 1.2700 amid bullish oil prices/weaker USD By HareshMenghani USDCAD OPEC Fed EconomicIndicator Currencies
Lire la suite »
GBP/USD Price Analysis: Breaks through 200-hour SMA hurdle, retakes 1.3500 amid weaker USDGBP/USD Price Analysis: Breaks through 200-hour SMA hurdle, retakes 1.3500 amid weaker USD By HareshMenghani GBPUSD Technical Analysis Majors Currencies
Lire la suite »
USD/CAD Price Analysis: Bulls are holding the fort at daily supportAs per the prior analysis, USD/CAD Price Analysis: Bears have eyes on 61.8% golden ratio, the bears sank their teeth into the bullish rally and hit th
Lire la suite »
USD/CHF drops to one-week low, below 0.9200 mark amid sustained USD weaknessThe USD/CHF pair dropped to a one-week low during the early European session, with bears now looking to extend the downward trajectory further below t
Lire la suite »
USD/JPY dives to over one-week low, 114.00 back in sight ahead of US ADP reportThe USD/JPY pair continued losing ground through the mid-European session and dropped to over a one-week low, around the 114.25 region in the last hou
Lire la suite »
USD/CAD trades with modest gains, remains below 1.2700 ahead of OPEC+/US ADP reportThe USD/CAD pair refreshed daily high during the first half of the European session, though struggled to capitalize on the move beyond the 1.2700 mark
Lire la suite »