USD/CAD weakens further below 1.2800 mark, drops to fresh two-week low By HareshMenghani USDCAD Bonds RiskAppetite Fed Currencies
d the fifth day of a negative move in the previous six and dragged spot prices to a fresh two-week low, around the 1.2780-1.2775 region during the first half of the European session.
Despite concerns that weakening global economic growth could curb a recovery in fuel demand, a tight supply outlook acted as a tailwind for crude oil prices. Apart from this, strong domestic consumer inflation figures released on Wednesday underpinned the commodity-linkedlanguished near its lowest level since May 5 and was pressured by the recent sharp pullback in the US Treasury bond yields.
with the latest leg down, spot prices now seem to have found acceptance below the 1.2800 round-figure mark. This could be seen as a fresh trigger for bearish traders and supports prospects for additional losses. That said, expectations for a more aggressive policy tightening by theThere isn't any major market-moving economic data due for release on Friday, either from the US or Canada. Hence, the USD remains at the mercy of the US bond yields and the broader market risk sentiment.
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