USD/CAD holds steady above 1.3600 ahead of Canadian CPI, US Consumer Confidence Index – by hareshmenghani USDCAD Fed Bonds Inflation Currencies
its modest intraday gains through the first half of the European session and is currently placed near the top end of the daily trading range, around the 1.3615-1.3620 region.
The US Dollar catches fresh bids amid a further rise in the US Treasury bond yields and turns out to be a key factor acting as a tailwind for the USD/CAD pair. The spillover effect of the Bank of Japan's policy tweak on Tuesday, widening the range for fluctuations in the 10-year government bond yield, continues to push the US bond yields higher.
That said, a goodish recovery in the global risk sentiment - as depicted by a strong move up in the US equity futures - keeps a lid on any further gains for the safe-haven buck. Apart from this, an intraday pickup in crudeprices underpins the commodity-linked Loonie and contributes to capping the upside for the USD/CAD pair, at least for the time being.
Furthermore, the latest optimism over the easing of COVID-19 curbs in China further seems to benefit crude oil prices. That said, worries about rising cases in the world's top oil importer - China - could act as a headwind for the black liquid. The mixed fundamental backdrop warrants caution before placing aggressive bullish bets around the USD/CAD pair ahead of the crucial Canadian consumer inflation figures, due later during the early North American session.
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