USD/CAD holds steady, flat-lined around 1.2700 mark post-Canadian Retail Sales By HareshMenghani USDCAD RetailSales RiskAppetite Majors Currencies
Retreating oil prices undermined the loonie and extended support to the major.reversed modest intraday losses and was seen trading in the neutral territory, around the 1.2700 mark during the early North American session.
The pair attracted some dip-buying near the 1.2675-1.2670 region on Friday, though a combination of factors kept a lid on any meaningful gains. Hopes for a diplomatic solution to the Ukraine crisis, along with expectations for the return of Iranian oil in the markets weighed on and undermined the commodity-linked loonie. This, in turn, was seen as a key factor that extended some support to the USD/CAD pair.demand, weighed down by a positive risk tone and uncertainty about the pace of the Fed's policy tightening cycle. The minutes of the January 25-26 FOMC minutes failed to reinforce expectations for a 50 bps rate hike in March. Moreover, the latest political developments could force the Fed to adopt a less aggressive policy stance to combat high inflation.
This, along with a softer tone around the US Treasury bond yields, capped the upside for the greenback and failed to impress bullish traders. The USD/CAD pair had a rather muted reaction to mixed Canadian macro data, which showed that the headlinecontracted less-than-expected, by 1.8% in December. This was offset by a larger-than-anticipated, 2.5% fall in the core sales during the reported month.
Next on tap will be the release of Existing Home Sales data from the US. This, along with the broader market risk sentiment and the US bond yields, will influence the greenback. Apart from this, traders will take cues from oil price dynamics to grab some short-term opportunities around the USD/CAD pair.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/CAD retreats to 1.2700 mark amid modest USD weakness, rising oil pricesThe USD/CAD pair trimmed a part of its intraday gains and was last seen trading around the 1.2700 mark, up nearly 0.20% heading into the North America
Read more »
USD/CAD Price Analysis: Bounces off three-week-old support, seesaws around 1.2700USD/CAD Price Analysis: Bounces off three-week-old support, seesaws around 1.2700 By anilpanchal7 USDCAD Technical Analysis ChartPatterns SwingTrading SupportResistance
Read more »
USD/CAD eyes WTI that seesaws between Iran nuclear deal and the Russia-Ukraine tensionsThe USD/CAD pair is hovering in the vicinity of 1.2700 with a high of 1.2714 recently printed as West Texas Intermediate (WTI), futures on NYMEX cappe
Read more »
AUD/USD moves little post-US Retail Sales, focus remains on FOMC minutesThe AUD/USD pair retreated a few pips from the weekly high touched earlier this Wednesday and traded with modest intraday gains, around the 0.7165 reg
Read more »
USDCAD Forecast, News and Analysis - FXStreetCheck our updated for USDCAD News including real time updates, forecast, technical analysis and the economic latest events from the best source of Forex News.
Read more »
GBP/USD Forex Signal: Bulls Attempt to Clear 1.3600The GBP/USD pair rose in the overnight session as investors reacted to the latest UK inflation and US retail sales data and the latest Fed minutes.
Read more »