USD/CAD recovers a few pips from daily low, keeps the red around mid-1.3600s – by hareshmenghani USDCAD RiskAppetite Recession Fed Currencies
ver, manages to rebound a few pips from the daily low and is currently placed just above mid-1.3600s.
A modest recovery in the global risk sentiment - as depicted by a generally positive tone around the equity markets - prompts some selling around the safe-haven US Dollar. Apart from this, an intraday uptick in crudeprices underpins the commodity-linked Loonie and exerts downward pressure on the USD/CAD pair. That said, a combination of factors holds back traders from placing aggressive bets and limits the downside for spot prices, at least for the time being.
A sharp rise in new COVID-19 infections in China could delay the full reopening of the economy and overshadows the optimism over the easing of strict restrictions, which is expected to boost oil demand. This keeps a lid on any optimistic move in the markets and any meaningful upside for crude oil prices.
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