USD/CAD bears take out last month's low, but bulls could emerge USDCAD BOC DollarIndex Fed Currencies
US CPI will be the key event for the week and US Dollar.USD/CAD has been pressured to a key area on the charts as the price of oil rallies while risky currencies benefited from China reopening borders. At the time of writing, USD/CAD is trading at 1.3370 and is down over 0.5% as we head towards the close of the first day of the week.
As a consequence, supportive of the oil-exporting nation's currency, CAD, oil prices surged early on Monday as hopes demand from China will improve as the country issued new import quotas and offered economic support for its flagging economy. Spot West Texas Intermediate crude was last seen up 1.7% to $ 74.91 bbls.When looking at the positioning data, it is worth noting that speculators’ net long USD index positions remain close to their recent lows.
From a daily perspective, given USD/CAD has pulled in higher time frame sellers on a break of last month's low, the initial balance of the week is being set and this could be the low for the week:
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