USD/CAD retraces recent losses post retreating from a yearly high, trading higher near 1.3840 during the Asian session on Tuesday. The pair could receive upward support on the back of downbeat Crude oil prices.
USD/CAD could revisit the yearly high on the back of weaker Crude oil prices. The decline in the Chinese PMI index could put pressure on the Oil-linked CAD. BoC Governor Macklem said that higherinterest rates and subdued growth will have repercussions on the government's spending. The decline in US Treasury yields undermines the US Dollar.
The index slipping below the crucial 50 mark, signaling contraction, adds a layer of concern. Furthermore, the NBS Services PMI mirrored this trend, dropping to 50.6, compared to the expected 51.8 and the previous reading of 51.7. These shifts in both the manufacturing and services sectors raise concerns about the depressed economic conditions in China. The US Dollar Index retraces the recent losses ahead of the Fed decision, trading around 106.30 by the press time.
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